BTC price remains ‘undoubtedly bullish’ as $30K Bitcoin buyers emerge

Bitcoin (BTC) teased more rangebound moves on July 7 as traders recovered from a day of volatility.

BTC/USD 1-day chart. Source: TradingView

BTC price gets a bid after volatile 24 hours

Data from Cointelegraph Markets Pro and TradingView showed BTC price action hugging $30,000 overnight.

Bitcoin bulls had hoped that new yearly highs the day prior would allow BTC/USD to exit its months-long trading range for good, but ended up disappointed.

The largest cryptocurrency saw rejection at $31,500, falling below the $30,000 mark just hours later to challenge the lower part of the range.

Looking ahead, traders thus reverted to risk-off mode in the short term.

$BTC / $USD – Update

$30,000 acting as good support for now, but now follow through form the bears. Another day of ranging i imagine we shall see, which should mean pumpy pumpy on our #Altcoins pic.twitter.com/W69Ay0DOIq

— Crypto Tony (@CryptoTony__) July 7, 2023

Popular trader Jelle noted that relative strength index (RSI) values had come full circle on 4-hour timeframes, effectively canceling out the previous hype.

“Bitcoin – 4h RSI almost fully reset, as price made its way towards the local range lows. I’m not expecting much volatility over the weekend, likely just more rangebound PA,” he told Twitter followers.

BTC/USD 4-hour chart with RSI. Source: TradingView

Fellow trader Skew nonetheless noted what appeared to be solid buyer interest at the overnight lows near $29,700.

$BTC Binance Spot
Quite a lot of BTC being bought here actually & decent liquidity definition here

Supply $31.3K – $32K
Demand $29.5K – $28K pic.twitter.com/IrAObilBzP

— Skew Δ (@52kskew) July 7, 2023

He added that BTC price trajectory had suffered at the hands of “aggressive” short selling after $31,500 had been hit.

Bitcoin “undoubtedly bullish”

Longer-term perspectives likewise continued the overall bullish narrative, with short-term retracements and sideways movement below resistance a necessary hurdle to overcome.

Related: Bitcoin analysis agrees BTC price may stall at $35K

Among them was that of TraderKoz, who like various other market participants dispelled fears over a deeper comedown…

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