Bitcoin’s $30K Case Turns Bleak as Bull Traders Are Now at a Loss

Bitcoin has been consolidating for a couple of weeks between $26,500 to $28,000.
BTC bull traders are now trading at a loss and some are giving up on the rally amid market indecision.
Many believe that Balaji’s $1 million BTC prediction is unlikely to materialize at this rate.

It may be that the bears have fully emerged from their winter slumber, as Bitcoin (BTC) is sustaining its consolidation phase despite a flashy performance in the last month.

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In fact, according to Santiment, BTC bull traders are now trading at a loss. As shown in the chart below, the rate of loss is twice the rate of profit, which indicates that some traders are giving up on the bull case in the short-term scenario.

This sentiment is also backed up by BTC’s daily chart showing market indecisiveness causing failed attempts to hit the $29,000 resistance. What is more, trading volumes are going down, which spells further bad news for bulls.

BTC/USDT 1-day chart (source: TradingView)

Regardless, staunch believers like Michael Saylor are stacking up sats in anticipation of a bull run possibly next year. On March 23, MicroStrategy purchased 6,455 bitcoins for $150 million, adding up to its treasury of almost 140,000 BTC.

In addition, Balaji Srinivasan’s $1 million bitcoin bet is still on, although many crypto fans, including BTC bulls, believe that it is unlikely for the chief crypto to reach that amount in 90 days.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.