With Bitcoin (BTC) hovering below $31,000 at the Wall Street open on July 3, the bulls still need a catalyst.
Bitcoin Price: Is $30,000 Sinking or Floating
Data from Cointelegraph Markets Pro and transaction view Shows BTC/USD trading in a narrow range after the weekly close.
BTC’s price performance remains steady sideways into the new week, with only occasional attempts to hit the $31,000 mark.
More bullish market participants hope that nearby resistance levels (not just Bitcoin) will drop soon.
“The more often you test the resistance line, the weaker it becomes,” said trading team at Stockmoney Lizards. debate.
“One day, all $31,000 sell orders will be filled.”
The accompanying chart, uploaded to Twitter, compares this year’s BTC price action to the run-up to the 2016 bull run, when bitcoin hit an all-time high in December 2017.
Popular trader and analyst Rekt Capital went on to say that the overall cryptocurrency market capitalization is also expected to break out.
all #cryptocurrency The market cap is really trying to break above this black resistance level and break out into a continuation of the uptrend
In doing so, the entire cryptocurrency market cap could rise +10% to +23% over time #BTC #cryptocurrency #bitcoin pic.twitter.com/X2qpgfhZO3
— Rekt Capital (@rektcapital) July 3, 2023
Others see downside potential in the face of stubborn resistance. Among them, trader Crypto Tony renewed his call for a move to $28,000.
“It’s really the easiest thing to do in bitcoin this week,” he said. Tell Twitter followers of the day.
“We’re facing resistance at $31,000, so unless we break that, I expect we’ll be taking reload options from the shorts to $28,000. If we pump this week, even better.”
As Cointelegraph reported, the consensus around BTC/USD is also building, and after the last leg higher, BTC/USD could soon top out, possibly in the mid-$30,000 range.
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Meanwhile, June’s monthly close has seen Bitcoin move significantly on the monthly time frame.
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As noted by technical analyst Michael Nauss, BTC/USD closed above the adjusted volume-weighted average price (AVWAP) for the first time since its all-time high in 2021.
AVWAP examines important support and resistance levels based on trader behavior, with a close above $30,000 marking a recovery not seen in two years.
AVWAP closes at all-time high for first month $BTCUSD #bitcoin pic.twitter.com/AYBMCJvLpL
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) June 30, 2023
Cubic Analytics CEO Caleb Franzen retweeted Nauss’ tweet, calling on market watchers to extend their time preference.
“Bitcoin was around $26,000 when BlackRock ETF filing was announced and rose to a YTD high above $31,000,” reads part of the comment pointed out Last week, the U.S. was trying to launch its first bitcoin spot price exchange-traded fund (ETF).
“We’re still trading above $30K and people are losing their minds? It can’t be me. Higher highs and higher lows.”
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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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