Bitcoin (BTC) price on July 9: running in place

Friday, 9thJuly marked the end of the first week of the month, and it doesn’t look too good for Bitcoin. On Monday, it crossed the $33,000 mark with flying colors. Previously, traders had predicted that the $35,000 level would hold, but it didn’t, and now BTC is trading around $33,000.

Bitcoin (BTC) and its volatile week

Once again Bitcoin has proven just how volatile cryptocurrencies can be. Just Monday it traded at $33,000, Tuesday saw it crawl up to $ 33,520, until Wednesday, against all odds, it launched into a pronounced uptrend to $35,000. Unfortunately, it didn’t hold, and by Friday, 9th July, the price slid back down. As of this writing, BTC is worth around $33,000. In other words, the first crypto returns to square one.

Source : TradingView

Deeper into the downtrend, analysts believe that BTC will first have to touch the $32,730 mark before going lower and lower: first $31,600, then $31,185, then $30,600 and finally $30,000.

Some traders even believe that Bitcoin could crash down to around $10,000, talking about an event akin to Black Thursday so feared by speculators. However, there are points to refute this prediction.

Why won’t Bitcoin drop to $14,000?

With the current situation and all the FUD surrounding Bitcoin, including the crackdown on miners in China, we have to accept that the price of BTC is unlikely to reach $400,000. Not any time soon and not in the current cycle.

The BTC will also not go down to $3,000. Analysts are almost unanimous on this point. They consider that historically the lowest level for BTC is $14,000. History, you say? Yes! Indeed, $14,000 was the upper limit of the last big bullish impulse that took place in June 2019. Since then, the price of BTC has climbed more than 4 times from that level. As a result, experts estimate that the $14,000 level remains the hard support below from which Bitcoin would bounce.


However, there is another reason backing up the importance of the $14,000 support: the cost of production. For the majority of BTC miners, the cost of producing one coin is in the range between $14,000 and $22,000.

Cost of Bitcoin production. Source : TradingView

On Friday, 9thJuly, the price of Bitcoin returns to its Monday level, coming back to square one after a week of volatility. At the same time, this is a decline from where the asset was on Wednesday. Nonetheless, traders remain positive and hope for a return to a more confident market. Either way, they believe BTC to have a hard support at $14,000.

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DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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