BTC price remains ‘undoubtedly bullish’ as $30K Bitcoin buyers emerge

Bitcoin (BTC) saw more range-bound moves on July 7 as traders recovered from a day of volatility.

BTC price gets bids after 24-hour volatility

Data from Cointelegraph Markets Pro and transaction view Showing BTC price action hitting $30,000 overnight.

Bitcoin bulls had hoped that a fresh yearly high set the day before would take BTC/USD out of a months-long trading range for good, but were ultimately disappointed.

The largest cryptocurrency was rejected at $31,500 before falling below the $30,000 mark hours later, challenging the lower bound of the range.

Looking ahead, traders are thus returning to risk-off mode in the short-term.

bitcoin dollar / Dollar – renew

$30,000 is currently a good support level, but it is now a follow-through for the bears.I think we’ll see another day of ranging, which should mean our pumps pump pumps #Altcoins pic.twitter.com/W69Ay0DOIq

— Crypto Tony (@CryptoTony__) July 7, 2023

Well-known trader Yeller pointed out that the relative strength index (RSI) value has circled around on the four-hour time frame, effectively canceling out the previous hype.

“Bitcoin – 4hr RSI almost completely reset as price nears local range lows. I don’t expect much volatility over the weekend, probably just a narrower PA range,” he Tell Twitter followers.

Nonetheless, fellow trader Skew noted that buyers appear to be showing strong interest near overnight lows of $29,700.

bitcoin dollar Binance spot
Actually, quite a bit of bitcoin was bought here, and there’s a decent definition of liquidity here

Supply $31.3K – $32K
Demand $29.5K – $28K pic.twitter.com/IrAObilBzP

— Skew Δ (@52kskew) July 7, 2023

he Add to After touching $31,500, BTC’s price trajectory has been affected by “aggressive” short selling.

Bitcoin ‘Undoubtedly Bullish’

The longer-term view likewise continues the overall bullish narrative, with short-term pullbacks and sideways movement below resistance levels a necessary hurdle to overcome.

Related: Bitcoin Analysis Thinks BTC Price May Stall at $35,000

That included TraderKoz, who, like other market participants, dismissed concerns that a further decline in Bitcoin would challenge the uptrend.

“Since a lot of people are talking about a short-term pullback, it’s important to keep the big picture in mind and not lose focus,” he said. debate July 6th.

“Whether we pull back to 28k, 29k or whatever, the weekly chart is definitely bullish (in my view). I will be looking for a cut.”

Pre-analysis admit Such a pullback area may be too “ideal”, meaning those who wait for it may be left behind as a result.

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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.