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BTC price dropped below $30,000 again on July 18, but the recent crab market price action is also backed by compelling investor activity on-chain. 5497 Total views 51 Total shares Listen to article 0:00 Market Analysis Join us on social networksBitcoin (BTC) price dropped below the $30,000 level on July 18, which retail investors may not have expected given the developments of the last month, but does the downside move represent an upcoming shift in the trend?

Data suggests that over the longer term, it does not.

To get to the positives first, Bitcoin price is still attempting to flip the $30,000 level to support after about 10 attempts since April of this year, but price is continuously finding buyers in the $28,000 to $25,000 range, which buyers seem to be viewing as an accumulation zone.

On-chain data from Glassnodes Bitcoin Accumulation Trend Score supports this sentiment and could be a positive, depending on how investors look at things given that the behavior of investors at $30,000 BTC price mirrors the same accumulation behavior seen in the $28,000 to $24,000 zone and the near the supposed $16,800 bottom. Bitcoin Accumulation Trend Score. Source: Glassnode

According to Glassnode, an Accumulation Trend Score of closer to 1 indicates that on aggregate, larger entities (or a big part of the network) are accumulating, and a value closer to 0 indicates they are distributing or not accumulating.

Basically, buyers strongly accumulated from November to December and they were heavy accumulators from March to April when BTC recaptured $30,000. The metric suggests they are doing the same in July as BTC attempts to either conquer the $30,000 resistance or received a boost from all the ETF and XRP SEC news.Bitcoin is in a crab market

The current price action and derivatives market data suggest that Bitcoin is in a crab market, where price remains range bound and consolidates for a prolonged period of time. As JLabs analyst JJ the Janitor pointed out last week, a strong push through the $32,000 level would catalyze a CME gap fill from the Luna Terra-crash era. Bitcoin CME Futures showcasing Luna crash CME Gap. Source: JJ The Janitor

From the perspective of Bitcoins weekly market structure, the $30,000 level is an important pivot point that has functioned as support in the previous bull market cycle (and now as resistance) but a grab above that level would essentially set a higher high on the longer time frame and be confirmation of a trend reversal where the next point of resistance is around the $37,000 level. BTC/USDT 1-week chart. Source: TradingView

Traders activity in the derivatives market is another factor contributing to the current crab market. Funding is down, open interest is relatively muted and besides retail plebs who are attempting to long breakouts and long lower support retests, or short breakouts and getting liquidated in both instances, a meaningful surge in these metrics that would inspire confidence that price is on the verge of some massive breakout has yet to emerge.BTC/USDT derivatives data, daily chart. Source: JJ The Janitor

Sure, DXY took a dip below 100 last week, but its possibly more connected to investors reacting to the Feds positive steps on inflation and too tight of a timeframe to expect some massive reaction from BTC immediately.

The price action in crypto exchange futures highlights degen longs and shorts trying to get ahead of price breakouts and that they are not having much success in the short term.

JJ the Janitor suggests that a metric to watch is aggregate open interest, if that breaks down sharply from the current range then some true buy the dip opportunities could emerge. Currently, its still in an uptrend, albeit sideways, but seeing a surge in OI could also be interesting and likely news, regulatory or legislative event driven.

Related: Bitcoin price falls under $30K as macro and regulatory worries take center stage

While Bitcoins short-term price action might raise some concern among newer investors and day-traders, the on-chain perspective remains quite compelling.

The #Bitcoin Long-Term Holder Supply remains at an ATH of 14.5M BTC. This suggests mature investors are preferring to accumulate Bitcoin, rather than distribute. pic.twitter.com/VkY9uTAVGG glassnode (@glassnode) July 18, 2023

At the same time, the Total Balance in Accumulation Addresses metric has also resumed its uptrend since March 16, when BTC price traded at $25,000. Bitcoin Total Balance in Accumulation Addresses (BTC). Source: Glassnode

Readers should also note that the metric also shows the total balance in accumulation addresses increasing since January 2022, when Bitcoin price was trading at $47,800 per coin. What is apparent is that through the worst of the crypto market collapse and Bitcoin price sell-off, multiple on-chain metrics show investors continuing to increase their allocation to BTC.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Cryptocurrencies # Bitcoin Price # Markets # Derivatives # Market Analysis

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Europe must ‘ramp up’ pressure on Russia, says No 10 after Coalition of the Willing meeting with Volodymyr Zelenskyy

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Europe must 'ramp up' pressure on Russia, says No 10 after Coalition of the Willing meeting with Volodymyr Zelenskyy

Europe must “ramp up” pressure on Russia “to bring an end to this barbaric war”, a Downing Street spokesperson said after Sir Keir Starmer chaired a meeting with the Coalition of the Willing.

Earlier, the prime minister met with Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Friedrich Merz at Downing Street for crisis talks on the future of Ukraine.

After the Downing Street meeting, a spokesperson said Sir Keir “convened a call with other European allies alongside President Zelenskyy”.

“The leaders all agreed that now is a critical moment and that we must continue to ramp up support to Ukraine and economic pressure on Putin to bring an end to this barbaric war.”

Ukraine latest: ‘Critical stage’ in push for peace

Friedrich Merz, Sir Keir Starmer, Volodymyr Zelenskyy and Emmanuel Macron at Downing Street. Pic: Reuters
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Friedrich Merz, Sir Keir Starmer, Volodymyr Zelenskyy and Emmanuel Macron at Downing Street. Pic: Reuters

During the earlier meeting, the Downing Street spokesperson said that the leaders “discussed the importance of the US-led peace talks for European security and supported the progress made”.

All four “underscored the need for a just and lasting peace in Ukraine, which includes robust security guarantees,” the spokesperson added.

“The leaders agreed that, while diplomatic efforts continue, Europe must stand with Ukraine, strengthening its ability to defend against relentless attacks that have left thousands without heat or light,” they said.

“They also discussed positive progress made to use immobilised Russian sovereign assets to support Ukraine’s reconstruction.”

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Mr Zelenskyy arrives at Downing Street

After arriving in the UK, Mr Zelenskyy said in a post on Telegram that “we are joining our efforts to end this war with a decent peace for Ukraine” and that “security must be guaranteed”.

He later said: “We can’t manage without Americans, we can’t manage without Europe and that is why we need to make some important decisions.”

The discussions come as US President Donald Trump accused Mr Zelenskyy of having failed to read the latest peace plan.

He said he was “a little disappointed” in the Ukrainian leader, while insisting Russia’s Vladimir Putin was “fine with it”.

Mr Trump’s eldest son had earlier told Sky’s lead world news presenter Yalda Hakim in an interview that his father may walk away from the Ukraine peace process.

When asked directly if he believed the US president would walk away from Ukraine, he answered: “I think he may, what’s good about my father and what’s unique about my father is you don’t know what he’s going to do. He’s unpredictable.”

Pic: Reuters
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Pic: Reuters

Sir Keir had earlier insisted any ceasefire must be “just” and “lasting”, adding: “We are at a critical stage in the push for peace.

“The principles remain the same. We stand with Ukraine, and if there is to be a ceasefire, it needs to be a just and lasting ceasefire.”

Mr Macron had insisted Ukraine’s allies have “a lot of cards” – but the main issue was to “finalise these peace negotiations” and find the “best possible conditions for Ukraine, for the Europeans, and for collective security”.

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Why the meeting in London is important

Moments after arriving at Downing Street, Mr Merz said he was “sceptical about some of the details in documents coming from the US” but that was one of the reasons for Monday’s talks.

The four European leaders emerged from Downing Street at around 2.20pm for a group photo – but declined to answer any questions from the media.

Sir Keir and Mr Zelenskyy then went back inside the prime minister’s residence for further talks while Mr Macron and Mr Merz departed.

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The London meeting comes after Mr Zelenskyy’s officials concluded three days of talks with US diplomats.

Over the weekend, Mr Zelenskyy said he had discussed “next steps” with Mr Trump’s advisers and was “determined to keep working in good faith”.

According to Vatican sources, the Ukrainian president will next meet with Pope Leo at Castel Gandolfo, the papal residence outside of Rome, on Tuesday morning.

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Israeli government accused of intimidation and harassment after raid on UN building in Jerusalem

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Israeli government accused of intimidation and harassment after raid on UN building in Jerusalem

The Israeli government has been accused of intimidation, harassment and a “blatant disregard” of its obligations by the United Nations after Israeli officials raided a UN building in Jerusalem.

Police officers, along with officials from the town council, entered the East Jerusalem compound of UNRWA, the UN agency that provides services to Palestinian refugees.

The compound has been empty since January, when the Israeli government ordered UNRWA to close the building, accusing the agency of being “infested” with members of Hamas.

The United Nations denied that accusation vehemently.

Read more: What were UNRWA workers in Gaza accused of?

Having gained entry to the compound, the officials filled vehicles with possessions, including office furniture, and raised an Israeli flag in place of the United Nations flag.

They claimed that the building had been raided because UNRWA owed around hundreds of thousands of pounds worth of local taxes.

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However, under the UN charter, UN buildings are exempt from such taxes and are also considered “inviolable”, meaning that, rather than raiding the building, Israel has an obligation to protect it.

Since its staff were told to leave, there have been attempts to break into the compound, which has been secured by a team of guards employed by the UN.

Sky News has been told that, when the Israeli officials arrived on Monday morning, the security guards were detained in a room within the compound.

“We didn’t let them in when they first came to the compound, but they cut the chains and the locks and took control,” said George, the head of security, who was standing outside the front gate when we arrived.

“They told my guards to stay in one room, took their phones from them, and told them they couldn’t leave.”

‘The false accusations led to this’

UNRWA’s commissioner-general, Philippe Lazzarini, said the raid was “a blatant disregard of Israel’s obligation as a United Nations Member State to protect and respect the inviolability of UN premises”.

He said that failing to cooperate with UN agencies “represent a new challenge to international law, one that creates a dangerous precedent anywhere else the UN is present across the world”.

His anger was not isolated. Outside the gates of the UNRWA compound, we met Hakam Shahwam, who used to work here as UNRWA’s chief of staff. It was, he said, “a very sad day”.

Shahwam says the claims that UNRWA was a breeding ground for Hamas had led to the raid.

He told me: “The false accusations led to this. This is a shameful day, not only for the United Nations but also for the government of Israel.

“There must be a strong protest, and a response from the international community. This is unacceptable.”

Read more from Adam Parsons:
Gaza longs for normality, but quasi-anarchy reigns
Israeli forces kill two Palestinians after apparent surrender

‘It is time for UNRWA to be dismantled’

The Israeli government remains adamant that its criticism of UNRWA is justified.

When I asked Shosh Bedrosian, a spokesperson for Prime Minister Benjamin Netanyahu, about the raid, she said: “UNRWA is a stain on the United Nations.”

She added: “It is time for UNRWA to be dismantled. It is not part of the solution for Gaza, it is part of the problem.”

She did not comment on the legality of the raid, or on Israel’s ongoing commitment to the UN Charter.

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Greek farmers have forced shutdown of Crete airport

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Greek farmers have forced shutdown of Crete airport

Greek farmers angered by delayed subsidy payments have shut down the international airport on Crete and clashed with riot police.

Images from local media showed dozens of farmers standing on the apron at Nikos Kazantzakis International Airport in Heraklion, the largest city on Crete.

Pic: Reuters
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Pic: Reuters


The airport was forced to suspend all flights, while fights between protesters and riot police broke out in Chania, the Greek island’s second-largest city, where two people were reportedly injured.

Officers used tear gas to disperse protesting farmers who pelted them with rocks and overturned a police patrol car, according to local media.

Pics: AP
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Pics: AP

The protests were sparked after delays in the payment of European Union-backed agricultural subsidies, which followed a scandal over fraudulent subsidy claims.

Authorities are reviewing all requests for EU farm subsidies, which protesters argue amount to collective punishment and leave farmers in debt and unable to plant their fields for next season.

Meanwhile, Greece’s farming sector has been hit by an outbreak of goat and sheep pox, leading to a mass cull of livestock.

More on European Union

Farmers have since deployed thousands of tractors and other agricultural vehicles at border crossings and key points along highways across the country, as well as ports and airports.

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Pics: Reuters

Michalis Chrisochoidis, Greek minister for public order, said last week that the government remained open to talks with protest leaders, but warned it wouldn’t tolerate the shutdown of major transit points.

It comes after riot police fired tear gas at protesting farmers attempting to block the main access road to the international airport outside the northern Greek city of Thessaloniki on Friday.

Elsewhere, police have been enforcing traffic diversions in several parts of northern and central Greece, while farmer roadblocks at the country’s northern borders with Bulgaria, Turkey and North Macedonia have hampered truck traffic.

Protests by farmers are common in Greece, and similar blockades in the past have sometimes severed all road traffic between the north and south of the country for weeks.

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