Bitcoin (BTC) saw further range-bound fluctuations on July 7 as traders recovered from a day of volatility.
BTC/USD 1-day chart. Source: TradingView
BTC price gets a bid after a volatile 24 hours
Data from Cointelegraph Markets Pro and TradingView showed BTC price hit the $30,000 mark overnight.
Bitcoin bulls had hoped that the previous day’s fresh yearly highs would allow BTC/USD to break out of its month-long trading range for good, but were ultimately disappointed.
The largest cryptocurrency was rejected at $31,500 and fell below $30,000 just a few hours later to challenge the lower part of the range.
Therefore, looking ahead, traders returned to risk-aversion mode in the short-term.
Popular trader Jelle noted that the Relative Strength Index (RSI) levels had closed on the 4-hour time frame, effectively negating the previous hype.
“Bitcoin – 4-hour RSI almost fully reset as price moved towards local lows. I’m not expecting much volatility over the weekend, probably just a rather wobbly PA,” he told his Twitter followers.
BTC/USD 4 hour chart with RSI. Source: TradingView
Fellow trader Skew nonetheless noted that there appeared to be solid buyer interest at the overnight lows near $29,700.
He added that BTC price action has been impacted by “aggressive” short selling after hitting $31,500.
Bitcoin “undoubtedly bullish”
Longer-term perspectives also continued the overall bullish narrative, with short-term retracements and sideways movement below resistance providing a necessary hurdle to clear.
Related: Bitcoin analysis concludes BTC price could stall at $35,000
Among them was TraderKoz, who, along with various other market participants, allayed fears of a deeper plunge that could threaten Bitcoin’s uptrend.
“With a lot of people talking about short-term setbacks, it’s important to keep the bigger picture in mind and not lose focus,” he argued on July 6.
“Whether we go back to 28k, 29k or wherever, this weekly chart is unquestionably bullish (in my opinion). And I will try to offer returns.”
Previous analysis has confirmed that such a pullback zone may be too “ideal”, meaning those who wait may be left behind.
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This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.
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