Bitcoin traders hope to 'buy the dip' as BTC price heads toward $30K
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood entered United States equities.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 on Bitstamp.
BTC price action continued a sideways trading pattern within a larger range in place practically since mid-June.
With no discernible progress toward breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would provide the fuel bulls needed.
Reached for #Bitcoin. pic.twitter.com/ePhBZET0TW
Popular trader Crypto Ed had his eye on the area at $30,000 or just below on the day.
“We're heading there, will look for reaction from that level,” he wrote in part of Twitter commentary.
Fellow trader Jelle meanwhile looked for an opportunity to “buy the dip” nearer $28,000 — already a popular target for doing so.
“As Bitcoin's daily bearish divergence plays out, I see a potential hidden bullish divergence shaping up,” he revealed alongside an explanatory chart.
The chart showed Bitcoin’s relative strength index (RSI) printing the bearish divergence referred to.
There was little sign of panic despite the lack of upside momentum.
Related: Bitcoin analysis agrees BTC price may stall at $35K
Trader and analyst Rekt Capital, following a strong monthly close, called intraday performance "nothing to panic about."
Nothing to panic about#BTC could dip even deeper for a healthy technical retest to flip old resistance (black) into new support$BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr
"Personally i am long while we are above $28,000 as we had a super good entry," trader Crypto Tony continued.
Daan Crypto Trades likewise reiterated that the bullish status quo was still valid.
"On the
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