Bitcoin (BTC) sparked more restrained moves on July 7 as traders recovered from a day of volatility.
BTC price gets a bid after a volatile 24 hours
Data from Cointelegraph Markets Pro and TradingView It shows BTC price action hugging $30,000 overnight.
The bitcoin bulls were hoping that the fresh yearly highs the day before would allow BTC/USD to break out of its months-long trading range forever, but ended up disappointed.
The largest cryptocurrency experienced rejection at $31,500, dropping below the $30,000 mark just hours later to challenge the bottom of the range.
Looking ahead, traders are back in a short-term risk averse mode.
BTC dollars / American dollar – to update
$30k is nice support at the moment, but for now keep forming bears. Another day of the run I imagine we’ll see, which must mean an immensity for our own # altcoins pic.twitter.com/W69Ay0DOIq
– CryptoTony (@CryptoTony__) July 7, 2023
Popular trader Jelle noticed that the Relative Strength Index (RSI) values have come full circle on the 4-hour time frames, effectively canceling out the previous noise.
Bitcoin – 4h RSI has almost completely reset, as the price made its way towards the lows in the local range. I don’t expect much volatility over the weekend and there will likely be more volatility in the PA range.” Tell Twitter followers.
However, fellow trader Skew indicated what appears to be strong buyer interest at overnight lows near $29,700.
BTC dollars Binance Spot
A lot of bitcoins are actually bought here and proper definition of liquidity hereSupply of $31.3K – $32K
Ask $29.5k-$28k pic.twitter.com/IrAObilBzP– deflection Δ (@ 52kskew) July 7, 2023
he added BTC price path has suffered at the hands of “aggressive” shorting after $31,500 was hit.
Bitcoin ‘undoubtedly bullish’
Likewise, long-term views continued the overall bullish narrative, with short-term bounces and sideways movement below resistance as the necessary hurdle to overcome.
Related: Bitcoin Analysis Agree Bitcoin Price Could Stop At $35K
Among them was TraderKoz, which like many other market participants dispelled fears of a deeper crash that would challenge Bitcoin’s bullishness.
With so many people talking about short-term withdrawals, it’s important to consider the bigger picture and not lose focus. argue on July 6th.
“Whether we drop back to 28k, 29k or somewhere else, this weekly chart is undeniably bullish (in my opinion). I will look to bid on dips.”
prior analysis I confess That this withdrawal zone may be too “ideal”, meaning that those who wait for it may be left behind.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.