Bitcoins opens at $34K and goes up to around $33K and stable around $33K ~ $34K. The average transaction fee is $6.91 which is 3.63% decrease from 07-06-21. As I mentioned yesterday, Bitcoin drops around $28K since All Time High has reached at $64K. My calculation on its value is $65K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $28K. You can reference my method here.
Even though market recovers some but the sentiment to Bitcoin continue weakening and correction likely continues. Unless Bitcoin price shoot through $42K, it seems a fake bull market in short term. Massive mining powers global shuffling is on going and Bitcoin hashrate is weak in short term.
I revise my floor price to $28K indicates the strong support and revise the ceiling price at $40K.
Bitcoin volatility is moving more volatile in yesterday. The market has reacted peak value at $40K but retreated to $28K which means the Bitcoin price is weak at the support and it make continue correction in near term. It is fairly stable at this level around $40K. Tailwind likely will happen and on going.
The Bitcoin mining power is lacking for short term. Bitcoin in short term will have weakening price actions. We are at the confusion stage which Bitcoin price may not go as low as you hope and as high as you want. It is a trap zone now.
Bitcoin increases its correlation for Gold that it becomes a defense position🛡️. The price may fluctuate more in the coming day since Bitcoin VIX is picking up all over the cryptomarket. There may have high risks in the coming day as the greed level goes down at COVID-19 level! The market has fear that does not easily ease off due to many issues emerging particularly government regulations. On the upside, Bitcoin may get another system upgrade in the near future. The coming market will be rough and we will see how it plays out.
Bitcoin Value = $28k ~ $40k and my position is Long.
Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
