Bitcoin (BTC) bulls scrambled for $31,000 on July 4, as the U.S. market shutdown created opportunities for volatility.
Bitcoin price ‘ready to rise’
Data from Cointelegraph Markets Pro and transaction view Bitcoin price action showing attempts to consolidate overnight gains.
These prices peaked around $31,400 before the momentum faltered, leaving BTC/USD in a tight trading range.
While a new yearly high has yet to be made, market participants are bullish on lower time frames based on recent behavior.
Trading suite DecenTrader even debate Bitcoin is “bullish on almost all time frames” on one of its proprietary trading tools.
“It feels like the market is getting ready to go up,” said Philip Swift, co-founder of DecenTrader and creator of on-chain data resource LookIntoBitcoin. Add to that day.
Michaël van de Poppe, founder and CEO of trading firm 8, predicts that a rapid rise will only occur when BTC/USD breaks through $32,500 and makes new highs.
“Bitcoin is well consolidated here. Swept some highs, but no acceleration,” he said. Summarize.
“The actual acceleration will happen above $32,500. Until then, it’s just a slow grind.”
Others continue to call for lower levels again in the second half of 2023 after a mid-term peak. An increasingly popular target for this year’s highs centers on the mid-$30,000 range, as Cointelegraph reported.
“The longer Bitcoin stays above $25,000 on a macro level, the more I lean towards a macro bottom,” said popular trader Crypto Tony wrote This is part of the latest analysis on the subject.
“I still believe we’ll see a larger decline later in the year, but likely as part of a larger accumulation area.”
Small Entities Snap Up Bitcoin Supply
this Latest on-chain data Meanwhile, data from analytics firm Glassnode shows that smaller entities within the bitcoin investor spectrum are accumulating.
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These “shrimps,” defined as wallets containing less than 1 BTC, currently roll over 33,000 BTC per month to their holdings.
The data is striking, Glassnode said, with “only 130 / 5263 (2.5%) sessions recording large monthly position changes.”
It added: “This brings the total number of bitcoins held by the Shrimp class to 1.33 million bitcoins.”
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This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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