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Bitcoin is in a coma near the $31,100 level and is preparing for a massive drop

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The quotes of the main cryptocurrency trampled around the level of $31,100 for the third consecutive day. It has not yet rebounded or surpassed this level, and the volatility of the cryptocurrency has dropped almost to zero. So, at this time, bitcoin is being traded in a completely unusual manner for itself, and the market is "calm before the storm". Basically, at the moment, BTC quotes have dropped to the level of $31,100 for the sixth time. Most cryptocurrency experts believe that the fall in quotes will continue next week, and the absolute majority call the level of 24,000 as the nearest target. In principle, this goal coincides with our forecasts, and the reasons for a possible fall in bitcoin, which are now being called, are quite simple. Yesterday we already said that in July, investment shares of the bitcoin fund Grayscale worth around $1.4 billion will be unlocked. Simply put, these shares were "frozen" for six months, that is, the owners could not sell the bitcoin coins during this period of time. But in the month of July, they will get such an opportunity. And since the cryptocurrency rate has dropped very much over the past three months, investors can immediately rush to sell their coins. And the influx of several tens of thousands of coins to cryptocurrency exchanges can seriously crash the cryptocurrency rate. Thus, most of the crypto community is expecting another strong drop in digital gold during the remaining two weeks of July. On the other hand, Grayscale investors cannot fail to understand that it is their sales of bitcoin coins that will contribute to a new fall in the rate of this cryptocurrency. Therefore, no matter how paradoxical it may sound, they should not get rid of bitcoin, which has fallen in price over the past three months, so that the cryptocurrency rate does not fall below the level of $31,100. Either way, the next two weeks can be very interesting.

Meanwhile, China is no longer the world leader in terms of mining capacity. In principle, there is nothing surprising in this, since the authorities of this country have seriously tightened their legislation regarding cryptocurrencies, and mining in this country is now simply prohibited. However, research by the University of Cambridge shows that the share of Chinese miners in the bitcoin hashrate began to fall even before the ban on mining in the country was introduced. So last year it was 65%, and in April 2021 it was already 46%. But now the United States occupies the second place in the world in bitcoin mining, and their share in the total hashrate is growing. The third place belongs to Kazakhstan, the fourth - to Russia.

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Technically, bitcoin fell for the sixth time to $31,100. Thus, the cryptocurrency has already begun testing the level of 31,100 and may start testing $29,700 in the near future. From our point of view, overcoming these levels, and hence a new fall in bitcoin, is only a matter of time. Nevertheless, as long as these obstacles are not passed, "digital gold" retains purely theoretical chances of new growth to the level of 40,700. However, this also requires the desire of investors to buy bitcoin, which has not yet been observed.

The material has been provided by InstaForex Company - www.instaforex.com