Month: July 2021

Bitcoin price is still in tightening range and we are searching for signs that may provide insight about the next move. This lack of any noticeable sign has made BTC, vulnerable to a pullback, even though, BTC price refuses to fall below $30K level. This refusal to fall below $30K has triggered more accumulation of BTC at the $30k level by long term investors. The cryptocurrency market as a whole needs some new motivation, to help break these ranges and set up a new trend. BTC’s current spot price remains below all three moving averages, suggesting ongoing bearish sentiment!

Bitcoin price staged a slight resurgence in June 29 but could not sustain the momentum. The recent price hike has brought some optimism back into the market, especially after bitcoin sustained the double-bottom bullish formation on the 4-hour chart at $31.5K. However, the bigger picture hasn’t changed as Bitcoin continues to consolidate in a sideways channel of $30K – $42K.