Bitcoin (BTC) refused to give up $30,000 at the Wall Street open on July 17, as observers bet on further losses next.
Bitcoin traders list downside targets
Data from Cointelegraph Markets Pro and transaction view What followed was what one analyst called a “boring” bitcoin price action heading into a new trading week.
After a similarly quiet weekend, BTC/USD showed no sign of volatility amid a lack of catalysts for changes in risk assets.
Twenty-six days within #bitcoin.
boring. pic.twitter.com/JghJp1dCCQ
— Michael van der Pope (@CryptoMichNL) July 17, 2023
“The market is changing rapidly, and both camps are vying for dominance,” on-chain monitoring resource Material Indicators wrote In part of its latest analysis, the battle between Bitcoin bulls and bears was mentioned.
“Every time the bears start to gain some momentum, the bulls replenish support at $30,000. In my opinion, it’s too early to declare a confirmed bull breakout, simply because we haven’t even entered a legitimate resistance yet Test. Time to be patient and disciplined.”
Keith Alan, co-founder of Material Indicators, said that if it loses $30,000, Bitcoin may find support at a key trendline, such as the 200-week moving average at $27,000. This is in line with existing forecasts from popular traders reported earlier by Cointelegraph.
Meanwhile, traders Skew and Daan Crypto Trades noted that there is a “serious divergence” between the spot market and the derivatives market, with sellers tending to gain the upper hand in the short term.
#bitcoin There’s quite a divide here between the criminals and the scene.
Perpetual contracts rallied, while spot appeared to be selling off. pic.twitter.com/Rhn8PuDlyP
— Daan Crypto Trades (@DaanCrypto) July 17, 2023
Bears are pushing here, this is where sellers should control the direction of the market
Contrarian view is bears stuck in lows (buyers step in = absorb selling pressure) bitcoin dollar
— Skew Δ (@52kskew) July 17, 2023
“I’m clearly biased here,” trader CJ continue The adjacent chart shows short-term mitigation targets in the range of $30,000 to $31,000.
“Sinking into inefficiency and rejecting – at least expect a range low, if not a collapse from that range. Recover inefficiency (and thus the April high) and then we’ll have a solid recovery and we’re back gone.”
Is Bitcoin Dominance Bad News?
Elsewhere, market participants expressed concern over the erosion of bitcoin’s dominance in the cryptocurrency market.
Related: Will Bitcoin Catch Up?BTC was at $40k when the dollar was so weak before
Popular trader Jibon calls falling below 50% dominance “bad” for BTC, while in his latest report market updateTrading firm QCP Capital linked the U.S. regulatory event to lower dominance ahead.
$BTC.D Lose 50% of ruling support.it’s not good for bitcoin dollar. Let’s see what happens next. pic.twitter.com/eLr2CglpD6
— Trader_J (@Trader_Jibon) July 16, 2023
Bitcoin’s dominance “could break the recent uptrend and head lower again, at least until a BTC physical ETF makes a decision, or macro factors take over again,” the report wrote.
Last week, the U.S. Securities and Exchange Commission (SEC) delivered a legal reprimand over allegations that altcoin Ripple (XRP) sold unregistered securities, which was a mixed blessing for investors.
The QCP described Bitcoin as “set up as an ‘anti-safety’ currency,” which could lose out to altcoins due to renewed confidence among U.S. investors.
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