Bitcoin Breaks Below $33,000 with Bulls on Life Support

The pioneer crypto recorded fresh waves of bearish sentiments, pushing the price of Bitcoin below the $33,000 support levels with general disinterest from traders and low trading volumes saw the flagship crypto revisit the lower section of its present range.

Recent macros suggest the world’s most popular crypto asset faces more downsides in spite of rising inflation at the world’s largest economy as data retrieved from the US Bureau of Labour Statistics’ monthly Consumer Price Index (CPI) show goods and services now costing 5.4% more overall than they did a year ago.

The trading volumes for July had been dragging most especially during the last two weekends, which posted the two lowest volume days.

Chart patterns suggest the bulls are holding refugees at $32.7k price levels which had provided a sort of horizontal support in the first two days of this month. This is followed by $32k, $31.5k price levels.

For the month of June alone, Bitcoin posted a 15% loss, as market pundits argue prices are relatively depressed as the economy went into survival mode.

In addition, the long-kept current trend might stay in play as the flagship crypto trade keeps values in range-bound zones, with growing uncertainty surrounding regulations, Crypto bulls lack the firing capacity to push Bitcoin out of the present range-bound trading zones.

With volatility drained out the most valuable crypto asset by market value, partly due to the record exodus of miners in China, the world’s second-largest economy, the Bitcoin network adjusted to an incredible decline in hash-power during this migration as the protocol experienced the biggest difficulty adjustment in history, adjusting down 27.94%.

The aggregate daily mining revenue now stands around $30 million per day, down from $60 million per day, recorded in April further implying miners’ earnings are going south.

For a look at all of today’s economic events, check out our economic calendar.