bitcoin (BTC) remained below $31,000 at the July 3 Wall Street open with the bulls still needing a catalyst.
Bitcoin Price: Sink or Swim to $30,000
Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD was acting in a tight range after the weekly close.
BTC price performance remained firmly sideways into the new week, punctuated only by modest attempts to attack the $31,000 mark.
The most bullish market participants expected nearby resistance levels, and not just for Bitcoin, to fall soon.
“The more frequently a resistance line is tested, the weaker it becomes,” Stockmoney Lizards trading team argument.
"The day will come when ALL $31k sell orders have been filled."
An accompanying chart uploaded to Twitter compared BTC's price action this year to its pre-bull market behavior in 2016, in the lead up to previous all-time highs in December 2017.
Going on, popular trader and analyst Rekt Capital suggested that the overall crypto market capitalization was poised for a breakout as well.
Total #Crypto Market Cap is really trying to push past this black resistance and enter an uptrend continuation
If it does, the entire crypto market cap could see gains of +10% to as much as +23% over time. #BTC #Crypto #Bitcoin pic.twitter.com/X2qpgfhZO3
— RektCapital (@rektcapital) July 3, 2023
Others saw downside potential in the face of stubborn resistance. Among them, Crypto trader Tony repeated calls for a ride to $28,000.
“This really is as simple as it gets for Bitcoin this week,” he said. said Twitter followers on the day.
“We are up against the $31,000 resistance zone, so unless we clear that, I expect us to drop to $28,000 for a bears reload option. I would much prefer if we pumped this week.
As Cointelegraph reported, consensus was also building that BTC/USD would soon peak, possibly in the mid-$30,000 rangeafter a last higher stretch.
A 2021 repeat in the works?
Meanwhile, the June monthly close produced a significant move for Bitcoin on the monthly timeframes.
Related: Miners Send Millions To Exchanges: 5 Things To Know About Bitcoin This Week
As technical analyst Michael Nauss noted, BTC/USD, for the first time since 2021 all-time highs, had closed above an adjusted volume-weighted average price (AVWAP).
AVWAP analyzes important support and resistance levels based on trader behavior, and the close above $30,000 marked a resurgence not seen in two years.
First monthly close on the AVWAP from all-time highs in $BTCUSD #Bitcoin pic.twitter.com/AYBMCJvLpL
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) June 30, 2023
Retweeting Nauss, Caleb Franzen, CEO of Cubic Analytics, asked market watchers to broaden their time preference.
“When the BlackRock ETF app was announced, Bitcoin price was around $26k and rose to new YTD highs above $31k,” part of the comment fixed last week, referencing ongoing attempts to launch the first Bitcoin spot exchange-traded fund (ETF) in the US.
“Are we still trading above $30k and are people freaking out? It couldn't be me. Higher highs and higher lows.”
Magazine: How smart people invest in dumb memecoins: 3 point plan for success
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.