Bitcoin analyst flags $32.5K launchpad zone for BTC price
Bitcoin (BTC) bulls fought for $31,000 on July 4 as a United States market closure offered the chance for volatility.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement overnight gains.
These topped out near $31,400 before momentum waned, leaving BTC/USD still within a narrow trading range.
Despite no new yearly highs yet, market participants were bullish on lower timeframes based on recent behavior.
Trading suite DecenTrader even argued that Bitcoin was “looking bullish across virtually all time frames” on one of its proprietary trading tools.
“Feels like the market is getting ready to rip higher,” DecenTrader co-founder Philip Swift, creator of on-chain data resource LookIntoBitcoin, added on the day.
Michaël van de Poppe, founder and CEO of trading firm Eight, forecast that rapid gains would only kick in once BTC/USD had passed $32,500 to mark new highs.
“Good consolidation on Bitcoin here. Swept some highs, but no acceleration,” he summarized.
Others continued a narrative calling for lower levels to reappear in the second half of 2023 after a midterm top. As Cointelegraph reported, an increasingly popular target for the year’s highs focuses on the mid-$30,000 range.
“The more time than passes with Bitcoin holding above $25,000 on the macro level, the more i am leaning towards a macro bottom being in,” popular trader Crypto Tony wrote in part of a fresh analysis on the topic.
The latest on-chain figures from analytics firm Glassnode, meanwhile, revealed ongoing accumulation among the smaller entities on the Bitcoin investor spectrum.
Related: Miners send millions to exchanges — 5 things to know in Bitcoin this week
These “shrimp,” defined as wallets containing less than 1 BTC,
Read more on cointelegraph.com
