Bitcoin (BTC) remained below $31,000 at Wall Street’s July 3 open, with bulls still needing a catalyst.
BTC/USD 1 hour chart. Source: TradingView
Bitcoin price: sink or swim at $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading in a tight range after the weekly close.
BTC price action remained stable sideways in the new week, only interrupted by modest attempts to attack the $31,000 level.
More optimistic market participants hoped that nearby resistance levels – and not only for Bitcoin – would fall soon.
“The more frequently a resistance line is tested, the weaker it becomes,” argued trading team Stockmoney Lizards.
“The day will come when ALL sell orders worth $31,000 have been filled.”
An accompanying chart, uploaded to Twitter, compared this year’s BTC price action to pre-bull market behavior in 2016, ahead of previous all-time highs in December 2017.
BTC/USD comparison chart. Source: Stockmoney Lizards/Twitter
Popular trader and analyst Rekt Capital went on to hint that the crypto market’s total capitalization is also poised for a breakout.
Others saw downside given the persistent resistance. Among them, crypto trader Tony repeatedly called for a surge to $28,000.
“It really is as easy this week as Bitcoin can be,” he told his Twitter followers that day.
“We are against the $31,000 resistance zone. So if we don’t break it, I expect we’ll get down to $28,000 to get a Bears reload option.” We’d much rather just pump this week.”
As Cointelegraph reported, there was also consensus that BTC/USD will soon top out, possibly in the mid-$30,000s after a recent rally.
Is a repeat planned for 2021?
Meanwhile, June’s monthly close had resulted in significant movement for Bitcoin on the monthly timeframe.
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As noted by technical analyst Michael Nauss, BTC/USD closed above an adjusted volume-weighted average price (AVWAP) for the first time since the all-time highs of 2021.
AVWAP probes key support and resistance levels based on trader behavior and the close above $30,000 marked a rebound not seen in two years.
Cubic Analytics CEO Caleb Franzen tweeted Nauss, urging market watchers to extend their time preference.
“When the BlackRock ETF filing was announced, Bitcoin was priced at around $26,000 and rising to new year-to-date highs of over $31,000,” a comment read last week, citing ongoing trials to launch the first Bitcoin spot price exchange-traded fund (ETF) in the United States
“We’re still trading above $30,000 and people are losing their minds? Couldn’t be me Higher highs and higher lows.”
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This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.
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