Tricky market: who and why dropped BTC

Tricky market: who and why dropped BTCAnother catastrophe of the crypto market risks becoming a new negative trend. Bitcoin has lost more than 11% in a week but is trying to develop a bearish rally and storm serious buyer protection in the $26,000 zone. Pressure on quotes is exerted by several fundamental events.So The scandalous Evergrande (about 40% of China's home sales) still filed for bankruptcy - the government is no longer trying to save it. The US Federal Court granted the SEC's request to accept the appeal a month after the decision was made in favour of Ripple. The decision of July 13, which the market saw as a strong positive for XRP, could be reversed. Legal claims by the US authorities against large crypto exchanges, primarily Binance, and the reformatting of crypto market volumes in favour of smaller exchanges. The real imbalance of the market towards purchases on long-term and medium-term open positions, which began to form in the spring.These events led to a total liquidation of long positions of investors for about $820 million.The price of BTC/USD has reached a critical support zone, which has been holding back the fall for almost a year, although last week some sites recorded a technical low in the $23,500-24,200 zone. Some major players are interpreting the current combination of technical indicators very optimistically, but it is too early for Bitcoin to turn around.History shows that unsuccessful attempts to retest the $25000-25500 zone provoke a corrective growth of BTC/USD by 35-60%, but the closing of 2-3 daily bars below $24800 will cause serious damage to the daily and weekly dynamics. With no positive fundamentals added to the markets, BTC/USD maintains strong potential for further declines with a $20,000 target.So we are closely following the market and are not in a hurry with purchases on the correction.Profits to yall!#ForexChief #market #forexnews #stocks #worldnews #profit #StockMarket #crypto #Binance #Ripple #Bitcoin