Bitcoin price tumbles to final support as trader warns of $24K BTC price target
A failure to retain $31,000 would mean that $29,000 and then $24,000 are on the menu, says Michaël van de Poppe. Bitcoin (BTC) dropped to its "final support zone" above $31,000 on July 15 as a low grind downward brought fresh predictions of a BTC price crash.
Binance debacle spreads as $32,000 falls
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting fresh local lows of $31,550 on Thursday. The pair had made little progress overnight, falling further as Italian lawmakers said that major exchange Binance was unauthorized to trade in their jurisdiction. The latest in a series of setbacks for the exchange, a spokesperson nonetheless told the mainstream media that its operations were unaffected by the announcement.
"We take a collaborative approach in working with regulators and we take our compliance obligations very seriously," the spokesperson commented, quoted by Reuters.
As such, there remained little cause for optimism among spot traders. For popular trader Michaël van de Poppe, $31,000 represented Bitcoin's last hope of avoiding a more series dip.
"Bitcoin didn't hold the $32.4K level as support and dipped lower, through which it's facing the final support zone to hold (the $31-31.5K region)," he summarized earlier on the day. "If this is lost, $29K and $24K are the next zones."
Holiday blues?
The price headache is being exacerbated by a conspicuous lack of interest among investors, with low volumes meaning a sustained bullish uptick is unlikely. As data from on-chain monitoring resource Glassnode revealed, however, it may be a seasonal, rather than an emotional phenomenon.
"Investors aren't selling, they are simply on holiday," co-founders Yann Allemann and Jan Happel argued, pointing to a significant reduction in exchange transaction fees.
As Cointelegraph reported, further data shows that accumulation is underway even by investors who sold when BTC/USD hit $30,000 on the way to current all-time highs.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 55.6% | 92 | $20 900.56 | -2.20% | 2.22% | $398 755 492 673 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 60.4% | 88 | $1 202.05 | -2.96% | 7.07% | $145 838 169 594 |  |
|
| 3 |  USDT |
Tether predictions | 94.8% | 1 | $0.999239 | -0.03% | 0.02% | $66 816 360 124 |  |
|
| 4 |  USDC |
USD Coin predictions | 94.8% | 1 | $1.000002 | -0.04% | -0.08% | $55 802 722 548 |  |
|
| 5 |  BNB |
Binance Coin predictions | 61.2% | 88 | $234.15 | -2.25% | 8.36% | $38 231 653 209 |  |
|
| 6 |  BUSD |
Binance USD predictions | 93.6% | 1 | $1.001013 | 0.02% | -0.03% | $17 406 990 839 |  |
|
| 7 |  XRP |
XRP predictions | 63.2% | 80 | $0.354798 | -3.53% | 9.82% | $17 152 035 554 |  |
|
| 8 |  ADA |
Cardano predictions | 64.8% | 78 | $0.488369 | -3.44% | -1.29% | $16 483 693 060 |  |
|
| 9 |  SOL |
Solana predictions | 64.8% | 71 | $38.75 | -5.93% | 10.64% | $13 283 462 618 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 59.2% | 85 | $0.072549 | -2.39% | 21.26% | $9 625 078 747 |  |
|
| 11 |  DOT |
Polkadot predictions | 64.4% | 81 | $7.80 | -4.85% | -0.49% | $7 698 820 570 |  |
|
| 12 |  DAI |
Dai predictions | 96% | 1 | $0.999958 | -0.06% | -0.09% | $6 797 461 805 |  |
|
| 13 |  TRX |
TRON predictions | 56% | 88 | $0.068078 | 3.77% | 11.43% | $6 296 975 066 |  |
|
| 14 |  SHIB |
SHIBA INU predictions | 60.4% | 78 | $0.000011 | -4.63% | 36.14% | $6 074 989 804 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 57.6% | 92 | $20 886.28 | -2.15% | 2.70% | $5 526 065 366 |  |
