According to the results of a recent study, Bitcoin (BTC) investors in China intend to buy the dip despite an ongoing market drop and a statewide ban on cryptocurrencies.
According to the findings of a study of 2,200 individuals that was carried out on the social media platform Weibo in China, it was discovered that 8 percent of respondents would purchase Bitcoin when its price exceeds $18,000. While 26% of respondents would rather wait until Bitcoin hits $15,000 before making a purchase,
However, the vast majority of respondents projected that the price will drop much more, with forty percent stating that they would purchase Bitcoin at that price.
It is interesting to note that a different study that was carried out by Bloomberg MLIV Pulse earlier in the month of July resulted in a similar finding, with sixty percent of the net nine hundred respondents on Wall Street advocating for a Bitcoin price of ten thousand dollars.
The pessimistic opinions of cryptocurrency speculators in the United States and China are strikingly similar, according to the results of two separate surveys. Despite this, on-chain activity demonstrates that investors in the United States have been more positive about Bitcoin than their counterparts in Asia since June 2022.
For example, the month-to-month price change of Bitcoin, which records the 30-day change in the regional BTC price, has only been positive during U.S. sessions.
This indicates that the only time Bitcoin’s price has been increasing is during U.S. sessions. According to the data provided by Glassnode, the indicator has only been seen to have a negative value during Asian trading hours.
Concurrently, declining technicals are also beginning to suggest additional falls, especially during the long period of three days.
As can be seen in the illustration on the right, Bitcoin has been developing a pattern known as a “bear flag,” which indicates that the cryptocurrency’s price may fall below $13,000 before September.
Negative arguments continue to be fueled by continuing macroeconomic headwinds for BTC/USD, as was previously reported. These headwinds continue to feed bearish arguments against mounting indications of a potential price bottom.