BTC price bounces back after intense 24 hours
According to data from TradingView BTC price almost plunged to $30,000 overnight. Bitcoin bulls had hoped that the recent annual highs would release the BTC/USD pair from its long-running trading range, but their expectations were sadly not met.
The largest cryptocurrency was rejected at $31,500 and dropped below $30,000 just hours later, testing the lower end of the trading range.
So, looking to the future, traders have reverted back to risk averse mode for now.
Jelle, a well-known trader, noted that the relative strength index (RSI) on 4-hour time frames was back to square one, effectively negating the previous hype. “Bitcoin – 4h RSI almost completely reset as price moves towards local range lows. I don’t expect a lot of volatility over the weekend, probably just more price action within the defined range.” shared he with his followers
Despite this, fellow trader Skew noted that there seemed to be strong buyer interest at last night’s lows around $29,700.
He emphasized that BTC’s price path was affected by “aggressive” short selling after reaching $31,500.
No major drop in sight
Longer term, the overall bullish narrative remains unabated, with short term retracements and sideways moves below resistance seen as necessary obstacles to overcome.
One of those who addressed these concerns was TraderKoz, who, like several other market participants, stressed that there was no question of a deep downturn that would jeopardize Bitcoin’s uptrend.
“With a lot of talk about short-term pullbacks, it is important to keep the bigger picture in mind and not lose focus,” stated him on July 6.
“Whether we get a pullback to 28k, 29k or wherever, this weekly chart is undoubtedly bullish (in my opinion). And I will look for buying opportunities in dips.”
Previous analyses acknowledged that such a pullback zone might be too “ideal”, suggesting that those waiting at this point could fall behind.
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