Bitcoin (BTC) made a fresh breakout attempt on July 11 as the battle for yearly highs continued to heat up.
BTC price sees another $31,000 “leverage squeeze”
Data from Cointelegraph Markets Pro and transaction view It shows that the BTC price briefly broke above $31,000 before the market closed on July 10.
BTC/USD appears to be mimicking last week’s sharp move higher and managed to approach resistance before the momentum faded before falling back above $800.
There has indeed been some sort of continuation since, with Bitcoin trading around $30,500 at the time of writing.
For Michaël van de Poppe, founder and chief executive of Trading Eight, the overnight move had all the hallmarks of a “leverage squeeze”.
“Markets continue to be choppy,” he said. Tell Twitter followers on his latest update.
“Bitcoin has experienced a leverage squeeze over the past 24 hours, breaking all highs in one fell swoop and back to where it started. The only difference between now and Thursday? No new lows. $30,200 support. Don’t get hacked!”
Popular trader Crypto Daan compared the recent behavior to previous “Bart Simpson” style chart traits, where BTC prices would surge to plateau and stay there, only to retrace the entire move later. Currently, however, Butt has been replaced by a building reminiscent of the Burj Khalifa.
#bitcoin In previous cycles, we had “Bart moves”.
This time, “Burj Khalifa” is everywhere. pic.twitter.com/87S0axbKWF
— Daan Crypto Trades (@DaanCrypto) July 10, 2023
Meanwhile, trader and analyst Rekt Capital marked The flipping level is $30,600.
“BTC is currently breaking above the ascending triangle resistance around $30,600. But it’s worth noting that Bitcoin has breached this level before, only to form an upside wick,” he said during an overnight rally to $31,000.
“As such, BTC needs to turn around $30,600 into support in the coming days to confirm its breakout.”
“re-accumulated” as usual
Still, Bitcoin remained within a familiar range for several weeks.
Related: Consumer Price Index (CPI) and Bitcoin Supply Slump – 5 Things to Know About Bitcoin This Week
In the latest issue of its weekly newsletter, The Week On-Chain, analyst firm Glassnode suggestion This is characteristic of Bitcoin price cycles.
“Bitcoin data often shows strange repeating patterns from cycle to cycle. In the 2021-22 cycle, the $30,000 price level forms a sort of ‘midpoint’ and is carried from above and below multiple tests.”
“A very similar level of around $425 was observed in 2013-16 and again around $6,500 in 2018-19.”
Glassnode added that “reaccumulation” is the label that best fits the nature of the current BTC price action.
Bookmark this article as an NFT Preserve this moment in history and show your support for independent journalism in the cryptocurrency space.
Magazine: Should You Give Your Kids the ‘Orange Pill’?The Case for Bitcoin Children’s Books
This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
Svlook
