Bitcoin (BTC) bulls battled for $31,000 on July 4 amid heightened volatility due to the US market shutdown.
Bitcoin price ‘ready to go higher’
Cointelegraph Markets Pro and TradingView BTC’s price movement to solidify its overnight rally.
They topped out near $31,400, but the momentum faded and BTC/USD was still stuck in a tight trading range.
Market participants were bullish on the lower timeframe based on recent behavior, even though it has yet to hit a new year-to-date high.
Also in the trading suite Decentrader claimed Bitcoin “tends bullish on almost all timeframes,” said one of its own trading tools.
Philip Swift, creator of on-chain data resource LookIntoBitcoin and co-founder of Decentrader, said, “I feel like the market is poised to go even higher.” Added On that day.
Mikael van de Poppe, founder and CEO of trading firm Eight, said a rapid rally would only begin once BTC/USD hits a new high above $32,500. expected.
“Bitcoin consolidation here is fine. summarized.
“The real acceleration happens above $32,500. Until then, just slow down and work hard.”
Others continued to argue that after a mid-term high, the stock would return to low levels in the second half of 2023. As Cointelegraph reported, an increasingly popular high target for this year is the focus in the mid-$30,000s.
“The longer bitcoin stays above $25,000 at the macro level, the more likely it is to lean toward macro troughs,” said popular trader Crypto Tony. I have written A piece of fresh analysis on this topic.
“We still believe we’ll see a bigger drop later this year, but it’s likely to be part of a larger accumulation zone.”
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of Latest on-chain figures Meanwhile, research by analytics firm Glassnode has revealed continued accumulation among smaller entities in the Bitcoin investor base.
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These “shrimp” are defined as wallets containing less than 1 BTC and are currently growing over 33,000 BTC holdings monthly on a rolling basis.
According to Glassnode, the data stands out: “Only 130/5263 (2.5%) of trading days recorded a greater change in monthly positions.”
“This brings the total coin holdings of Shrimp Class to 1.33 million BTC,” he added.
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This article does not contain investment advice or recommendations. Any investment or trading move involves risk and readers should conduct their own research before making any decision.
