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Bitcoin Price Should Hold Onto the Crucial Level of $32k, On-Chain Analyst Hinting Towards a Supply Shock!

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Volatility in Bitcoin is struggling to hold the price over $33,000. It failed to break through $33,000 on July 14, despite a slight recovery from multi-day lows. It’s also dragging down the rest of the market with it. Its price action is stubbornly locked at support, despite repeated attempts to break it. While investors wait for this little slump to stop so that bitcoin may resume its uptrend and bring the crypto market back to life. 

At the time of writing, BTC Price was trading at $32507. At this time, $32000 appears to be a critical support level for Bitcoin to maintain.

There is a chance of a new collapse if bitcoin fails to recover above the $33,000 and $33,500 resistance levels. On the downside, $31,900 is an early support level, followed by $31,000. 

The first big support level is at around $32,000. The major support is currently building about $31,500. 

Supply Shock Incoming?

On-chain data suggests that “strong holders are reasserting themselves and accumulating from those who entered into the market late last year,” according to Skybridge’s Gayeski. And that is setting itself up for a supply shock similar to what we experienced in October-November last year.” 

William Clemente, a famous on-chain analyst, warns his 129,500 Twitter followers that a supply-side crisis is looming as investors with strong hands or little history of selling rush on BTC amid its downward price action.

Willy Woo, an on-chain analyst and market commentator, believes bitcoin’s price would rise to $157,000 after the present pullback in the cryptocurrency market is finished. 

Woo’s comments were made during an interview with well-known bitcoin bull Anthony Pompliano and were based on his on-chain data model. It’s only a matter of time, according to the analyst, before the main cryptocurrency’s trend reverses and it surges.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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