Bitcoin traders torn between breakout and $28K dip as BTC price stalls

Bitcoin (BTC) lingered below $31,000 at the July 3 Wall Street open, with bulls still in need of 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 acting in a tight range following the weekly close.

BTC’s price performance remained firmly sideways into the new week, punctuated only by modest attempts at attacking the $31,000 mark.

More optimistic market participants hoped that nearby resistance levels — and not only for Bitcoin — would soon fall.

“The more frequently a resistance line is tested, the weaker it becomes,” trading team Stockmoney Lizards argued.

“The day will come when ALL $31k sell orders have been filled.”

An accompanying chart uploaded to Twitter compared BTC price action this year with its pre-bull market behavior in 2016, in the run-up to previous all-time highs in December 2017.

BTC/USD comparative chart. Source: Stockmoney Lizards/Twitter

Continuing, popular trader and analyst Rekt Capital suggested that the overall crypto market capitalization was also poised for a breakout.

Total #Crypto Market Cap is really trying to press beyond this black resistance and break out into uptrend continuation

Doing so and the entire Crypto Market Cap could see gains of +10% to up to +23% over time #BTC #Crypto #Bitcoin pic.twitter.com/X2qpgfhZO3

— Rekt Capital (@rektcapital) July 3, 2023

Others eyed downside potential in the face of stubborn resistance. Among them, trader Crypto Tony repeated calls for a trip to $28,000.

“This really is as simple as it gets for Bitcoin this week,” he told Twitter followers on the day.

“We are against the $31,000 resistance zone, so unless we take it out i expect us to draw down to $28,000 for a reload option from the bears. Much prefer if we just pump though this week.”

As Cointelegraph reported, consensus was also building around BTC/USD soon topping out, possibly in the mid-$30,000 range, after a final leg higher.

A 2021 repeat in the making?

Meanwhile, the June monthly close had produced a significant move for Bitcoin on monthly…

..

Source

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *