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 | 88% | 10 | $26 880.37 | -0.11% | 2.52% | $521 207 950 673 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94.4% | 5 | $1 862.41 | 0.18% | 4.02% | $223 946 300 992 |  |
|
| 3 |  USDT |
Tether predictions | 92% | 1 | $1.000168 | -0.02% | 0.03% | $83 236 325 280 |  |
|
| 4 |  BNB |
Binance Coin predictions | 94.8% | 1 | $304.82 | -0.27% | 0.25% | $47 508 351 019 |  |
|
| 5 |  USDC |
USD Coin predictions | 92% | 1 | $1.000069 | 0% | 0.02% | $28 856 163 592 |  |
|
| 6 |  XRP |
XRP predictions | 77.2% | 37 | $0.504767 | -0.22% | 12.47% | $26 239 506 800 |  |
|
| 7 |  ADA |
Cardano predictions | 92% | 10 | $0.364637 | -2.18% | 2.22% | $12 719 876 147 |  |
|
| 8 |  STETH |
Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 89.2% | 17 | $0.071674 | 0.64% | 2.29% | $10 004 786 652 |  |
|
| 10 |  MATIC |
Polygon predictions | 80% | 35 | $0.892550 | 0.70% | 1.16% | $8 282 393 470 |  |
|
| 11 |  SOL |
Solana predictions | 80% | 29 | $20.68 | 0.89% | 7.46% | $8 201 498 865 |  |
|
| 12 |  WTRX |
Wrapped TRON predictions | 80.8% | 37 | $0.075037 | -0.51% | -3.01% | $7 629 482 435 |  |
|
| 13 |  LTC |
Litecoin predictions | 77.6% | 37 | $94.96 | 6.81% | 12.21% | $6 936 825 862 |  |
|
| 14 |  TRX |
TRON predictions | 78.4% | 33 | $0.075005 | -0.50% | -3.12% | $6 766 858 517 |  |
|
| 15 |  DOT |
Polkadot predictions | 87.2% | 11 | $5.23 | -1.01% | -0.14% | $6 224 782 114 |  |
