Multiple pieces of data point to the Bitcoin price falling below $29,000 in the short term.Let’s investigate the main issues contributing to the current downside in the Bitcoin price.
Bitcoin encountered difficulties breaking above $31,800 on July 13, resulting in a 6.3% correction down to $29,700 on July 17. The price action could reflect investors’ concerns that ongoing regulatory developments and macroeconomic headwinds could drive Bitcoin below the $29,000 level, which was last observed on June 21.
However, the Tether premium in Asia has been declining. The stablecoin premium serves as an indicator of demand from China-based retail crypto traders, measuring the difference between peer-to-peer trades and the U.S. dollar.The Tether premium in Asia recently reached a discount of 1.8%, marking its lowest point in over six months. This inverse premium trend started on July 12 and has continued to widen, indicating moderate sell pressure.
noshitcoins Bitcoin encountered difficulties breaking above $31,800 on July 13, resulting in a 6.3% correction down to $29,700 on July 17.
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