Key message: Bitcoin fell to a low of $28,805 on June 22. However, after hitting this low, it already started to climb back up. In the meantime, it managed to gain back key support at USD 31,000. Although most technical indicators are still bearish, there are signs that we are close to the bottom and some analysts are already claiming that they are buying the dip.
Bitcoin and China
Bitcoin hashrate suffered a massive decline due to miners having to close down in China and some other countries, which forced miners to move to friendlier countries. Major BTC sell-offs have also contributed to the price fall.
There are analysts using this situation to their advantage, to stock up on BTC on the dip. For example, famous investor Robert Kiyosaki (author of the bestselling “Rich Dad, Poor Dad”) and ARK Investment Management spearheaded by Cathie Wood have already tweeted that they were buying the dip.
Others are comparing the current situation with the year 2013. Back then, the quite new digital currency also dropped heavily after a rally to a bigger high of above $1,000 per coin after that only to rise much higher later on.