Bitcoin Price Still Flat at $29,000 Level While Evil Pepe Presale Shows BTC How to Pump

Updated: 25 July 2023

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The Bitcoin price made its final attempt to return back to $30k this Sunday, but unfortunately, it failed to stick around.

The resistance at $30k rejected the coin’s price and it crashed past all the support levels that prevented it from going down in the past month, resulting in a drop to $28,937 on late Monday, July 24th.

The coin sank this low only briefly, however, and its price quickly bounced back up. This suggests that Bitcoin’s support at $29k is still strong and holding, but a resistance at $29.2k is not allowing it to go much further than that.

In fact, crypto options exchange Deribit’s future-looking Bitcoin volatility index has reached lifetime lows.

The results suggest a possible lack of price volatility for Bitcoin in the near future. In other words, after dropping to $29k, the coin might continue to trade sideways in the foreseeable future.

The Dvol (Volatility Index) for BTC and ETH fell to 37%, the lowest level in history since two years ago, and the current Implied Volatility level, as projected by Dvol's algorithm, has fallen to the lowest level in crypto's history.
Continued low liquidity has severely depressed… pic.twitter.com/GdWE4GHXZw

— Greeks.live (@GreeksLive) July 24, 2023

Bitcoin needs ETF approval to grow

Of course, there is still one event that could turn things around for Bitcoin. The coin is currently trying to fight off the bears, but it is in need of a major bullish event in order for its price to grow.

According to investment research firm Fundstrat, an approval of BlackRock’s Bitcoin spot ETF would be just the right event to turn the situation in Bitcoin’s favor.

Bitcoin’s month-long battle to breach a resistance at $31k was only possible because of speculation regarding the ETF approvals.

Prior to that, the coin was seeing the mid-$20k price, with a possibility of further drops. ETF speculation brought it quite high up, almost allowing it to reach half of its ATH.

Now, Fundstrat said that equilibrium analysis suggests that a clearing price is $140,000 to $180,000 before next year’s halving if a Bitcoin spot ETF gets approved in the US.

While the prediction seems optimistic, Fundstrat explained that an ETF would boat daily demand to $125 million while daily supply is only $25 million.

Bitcoin sell pressure is coming from recent whale activity

While Bitcoin’s price did surge over ETF speculations, the US SEC has acknowledged multiple ETF applications, and it has not yet rejected them.

This suggests that the recent price drop did not come due to the ETF failure, which is why Glassnode senior researcher known as @CryptoVizArt sought the answer elsewhere.

They found a substantial impact of crypto whales on the coin’s price action. According to the data, around 34% of all selling pressure seen in the last 30 days came from Binance whales.

34% OF SELL PRESSURE IN LAST 30 DAYS WAS FROM BINANCE WHALES

Over last 30D, Whale Flow to Exchanges witnessed largest monthly balance decline in history, hitting -148k BTC/month. This indicates that there are noteworthy shifts happening within the Bitcoin Whale cohort worth… https://t.co/mYykQbgq3A pic.twitter.com/SYkDD8a4Zf

— CryptoVizArt.₿ | ZiCast 🎙 (@CryptoVizArt) July 25, 2023

This suggests that the whales were shaping the market, giving researchers the wrong idea of the market sentiment.

It is also worth noting that over $41 million in Bitcoin long positions were liquidated recently as Bitcoin crashed toward $29k, according to Coinglass data.

The liquidated positions included both long and short-leveraged positions, as the price drop caught traders by surprise.

What is next for Bitcoin?

The question everyone is asking now is where is Bitcoin going from here? As the price is stabilizing at $29k, the smaller volatility might make a good market for scalping, as long as traders keep a close eye on the price action.

However, looking at the coin’s price performance on a YTD chart, one analyst suggested that Bitcoin is forming a clear bear flag, indicating that the price will go further down soon.

Short-term-wise, another analyst suggested that the coin is forming an ascending triangle, indicating that it might see a small price improvement in days to come before the price ultimately crashes.

Other than that, the coin is largely awaiting to hear the SEC’s decision, which could disrupt the bear flag pattern and allow BTC to launch a major rally.

Evil Pepe raises over $750k

As Bitcoin continues to become more and more uncertain, investors are turning to alternative investments. Many have decided to give emerging meme coins a try, such as Evil Pepe (EVILPEPE).

This is a project based on the popular meme that represents everyone’s dark side. This dark side manifests itself in the form of intrusive thoughts, such as taking risks like making questionable investments.

Evil Pepe encourages users to embrace their “evil side” and take risks. It is all for the meme, of course, in an attempt to lighten up the mood in the crypto sector.

However, it might be that this is exactly what the investors need, as Evil Pepe’s presale managed to attract over $750,000 in mere days.

The presale will last for slightly under 8 more days, so there is plenty of time for potential investors to join and buy some of EVILPEPE, which is selling for $0.000333 per unit. Users can buy the token in exchange for Ethereum or Tether.

Smog (SMOG) - Meme Coin With Rewards

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