Bitcoin Bounces Below $30k As Weekly Range Tightens

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Bitcoin’s price has taken an unexpected turn with the start of the new week. After training mostly sideways under the $30k resistance for the majority of the last week, BTC attempted to surge late on Sunday, July 23rd, managing to briefly break a resistance and reach $30,291.

However, the price was quickly rejected and it dropped back down to $30k. At first, it seemed like the level might support the price again, as it seemingly managed to keep the coin from sinking further.

But, after a few hours, and with the start of Monday, July 24th, this level broke after, and Bitcoin’s price sank to $29.75k once more.

Then, the price suddenly started to crash, sinking toward $29k for the first time in over a month. While the coin did not drop to $29,000, it did come very close, hitting its lowest point at $29,068.

Since then, the price has seen a sharp recovery to $29.3k, but the drop shows that the selling pressure has overtaken the buying pressure, at least for a moment.

According to experts, the chart does not show a sustained demand for Bitcoin’s price growth. Yesterday’s price increase was a temporary positive change.

However, it has been negated by the new trading activity. The new development has increased the likelihood of the price breaking below the critical support level in the 4-hour timeframe.

Another analyst suggested that this is an important period for Bitcoin and that a lot depends on what will happen next.

According to their prediction, the drop will be confirmed if the 4h candle stabilizes below $29,600. In that situation, Bitcoin will have new targets activated. The biggest ones include the levels at $28,500, $27,700, and $26,500.

An 11-year-old dormant BTC wallet makes a move

At this time, it is unclear whether there was an outside influence to the coin’s major price dip, but one potential development that may have made some traders nervous could have been the fact that a dormant bitcoin whale woke up after 11 years.

This weekend, a Bitcoin wallet that was inactive since mid-April 2012 started showing signs of activity.

Specifically, whoever owns the wallet just sent over $30 million in BTC to a different address. The coins were stored at a time when Bitcoin’s value was under $5 per coin. Over the years, the value of the stash has gone up by over 600,000%

A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago.

The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8

— Lookonchain (@lookonchain) July 22, 2023

The wallet held a total of 1,037.42 BTC, which it received on April 11th, 2012, at the exact price of $4.92. Today, however, that amount exceeds $30 million, as mentioned.

Tesla removes BTC as a payment method but keeps DOGE

Back in early 2021, Tesla added Bitcoin as a payment method to its platform, which, at the time, contributed to the coin’s price surge.

Then, a few months later, around May 11th, 2021, Elon Musk announced that the company would no longer accept BTC payments. At the time, he said that Tesla is about using clean energy, while Bitcoin has massive carbon emissions.

The company could not accept using it, given its huge carbon footprint. In the meantime, Tesla added Dogecoin (DOGE) as a payment method, as DOGE is not as environmentally unfriendly as BTC itself.

Now, however, a Chinese reporter Wu Blockchain noted that Tesla deleted Bitcoin in the source code of is payments page, further confirming that the company is done with BTC.

Interestingly, Wu Blockchain noticed that Dogecoin was still a part of the payments page, as Tesla seemingly decided to keep it.

There were rumors in the community that Tesla added Bitcoin and Dogecoin to its payment page source code. However, upon verification, it was found that Bitcoin and Dogecoin were already present in the source code as early as January 2023. It appears that Tesla did not remove this… pic.twitter.com/CATEWPmnVn

— Wu Blockchain (@WuBlockchain) July 20, 2023

Bitcoin mined its 800,000th block

Bitcoin also just mined its 800,000th block recently, meaning it is approaching closer to the next halving. The coin’s halvings occur after every 210,000 blocks, and since there have been three halvings so far, the next one should occur when BTC hits 840,000 blocks, which is estimated to take place in mid-2024.

With the completion of the 800,000th block, only 40,000 of them are left before the block rewards are cut in half once again.

The 800,000th block had 3,721 transactions, and it was 1.64 MB large. At the time, BTC price was worth $29,815, but it quickly dropped soon after the milestone block was reached.

#Bitcoin block 800,000. pic.twitter.com/Yw9c6klqbY

— Dylan LeClair 🟠 (@DylanLeClair_) July 24, 2023

Evil Pepe presale starts speeding up

While Bitcoin may be struggling and threatening to see a price dip, a new meme coin called Evil Pepe (EVILPEPE) is attracting more attention than ever.

The token is in the middle of its presale, seemingly picking up the pace. Only days after hitting its last milestone of $200,000 raised, the project hit half a million, and at the time of writing, it managed to raise $620,742.

Evil Pepe is advancing rapidly, and it invites users to give in to their temptations, especially when it comes to taking on greater risks, and blame it on their dark side.

The project’s presale will last for another 9 days, and anyone interested in participating can buy EVILPEPE with ETH and USDT. The token is available at a price of $0.000333 per unit.

Smog (SMOG) - Meme Coin With Rewards

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