Bitcoin (BTC) opened lower on Wall Street on July 5 as risk-off sentiment entered U.S. stocks.
Bitcoin Price Begins to Hit Dip Buying Targets
Data from Cointelegraph Markets Pro and transaction view Bitstamp shows BTC/USD hitting a multi-day low of $30,280.
Bitcoin price action continues a sideways trading pattern within a larger range since mid-June.
With no apparent progress in breaking above resistance to the upside, Bitcoin traders are hoping that a sweep of the lows will give the bulls the fuel they need.
reach out #bitcoin. pic.twitter.com/ePhBZET0TW
— Michael van der Pope (@CryptoMichNL) July 5, 2023
Popular trader Crypto Ed has his sights set on the $30,000 area or just below the day’s area.
“We’re going there and will be looking for that level of response,” he said. wrote Part of a Twitter comment.
Meanwhile, fellow trader Jelle is also looking to “buy the dip” near $28,000 — already a popular target.
“With Bitcoin’s daily bearish divergence emerging, I see a potential hidden bullish divergence developing,” he said. disclose There is an explanatory diagram next to it.
“If this ends up being just a minor pullback, that could give us the energy we need to break $32,000 once and for all.”
The chart shows Bitcoin’s relative strength index (RSI) printing the mentioned bearish divergence.
Bitcoin ‘Bull Market Structure’ Remains
Despite the lack of upward momentum, there are few signs of panic.
Related: Bitcoin Analysis Thinks BTC Price May Stall at $35,000
Trader and analyst Rekt Capital called the intraday performance “no need to panic” after a strong monthly close.
nothing to panic#BTC Likely to fall deeper, with a healthy technical retest turning old resistance levels (in black) into new support levelsbitcoin dollar #cryptocurrency #bitcoin pic.twitter.com/YvvexHSaBr
— Rekt Capital (@rektcapital) July 5, 2023
“Personally, when we’re above $28,000, I’m long because we have a really good entry,” trader Crypto Tony said. continue.
“If you’re not already in a good position, I’d wait for this dip that I’m looking for, or a flip from the $31,000 resistance zone to support. Those are your two triggers today.“
Daan Crypto Trades also reiterated that the bullish status quo is still valid.
“On shorter time frames, the bullish market structure remains intact,” he wrote in his latest analysis.
“If BTC loses the middle range, I would consider retesting 29.5K. Until then, liquidity sits at 31.4-31.5K.”
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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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