{"id":19701,"date":"2023-07-03T17:04:10","date_gmt":"2023-07-03T17:04:10","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-torn-between-breakout-and-28k-dip-as-btc-price-stalls\/"},"modified":"2023-07-03T17:04:13","modified_gmt":"2023-07-03T17:04:13","slug":"bitcoin-traders-torn-between-breakout-and-28k-dip-as-btc-price-stalls","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-torn-between-breakout-and-28k-dip-as-btc-price-stalls\/","title":{"rendered":"Bitcoin traders torn between breakout and $28K dip as BTC price stalls"},"content":{"rendered":"
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Bitcoin (BTC) lingered below $31,000 at the July 3 Wall Street open, with bulls still in need of a catalyst.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin price: Sink or swim at $30,000<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD acting in a tight range following the weekly close.<\/p>\n

BTC\u2019s price performance remained firmly sideways into the new week, punctuated only by modest attempts at attacking the $31,000 mark.<\/p>\n

More optimistic market participants hoped that nearby resistance levels \u2014 and not only for Bitcoin \u2014 would soon fall.<\/p>\n

\u201cThe more frequently a resistance line is tested, the weaker it becomes,\u201d trading team Stockmoney Lizards argued<\/a>.<\/p>\n

\u201cThe day will come when ALL $31k sell orders have been filled.\u201d<\/p><\/blockquote>\n

An accompanying chart uploaded to Twitter compared BTC price action this year with its pre-bull market behavior in 2016, in the run-up to previous all-time highs in December 2017.<\/p>\n

BTC\/USD comparative chart. Source: Stockmoney Lizards\/Twitter<\/em><\/figcaption><\/figure>\n

Continuing, popular trader and analyst Rekt Capital suggested that the overall crypto market capitalization was also poised for a breakout.<\/p>\n

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Total #Crypto<\/a> Market Cap is really trying to press beyond this black resistance and break out into uptrend continuation<\/p>\n

Doing so and the entire Crypto Market Cap could see gains of +10% to up to +23% over time #BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/X2qpgfhZO3<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) July 3, 2023<\/a><\/p><\/blockquote>\n

Others eyed downside potential in the face of stubborn resistance. Among them, trader Crypto Tony repeated calls for a trip to $28,000.<\/p>\n

\u201cThis really is as simple as it gets for Bitcoin this week,\u201d he told<\/a> Twitter followers on the day. <\/p>\n

\u201cWe are against the $31,000 resistance zone, so unless we take it out i expect us to draw down to $28,000 for a reload option from the bears. Much prefer if we just pump though this week.\u201d<\/p><\/blockquote>\n

As Cointelegraph reported, consensus was also building around BTC\/USD soon topping out, possibly in the mid-$30,000 range, after a final leg higher.<\/p>\n

A 2021 repeat in the making?<\/h2>\n

Meanwhile, the June monthly close had produced a significant move for Bitcoin on monthly timeframes.<\/p>\n

Related:\u00a0Miners send millions to exchanges \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

As noted by technical analyst Michael Nauss, BTC\/USD, for the first time since the 2021 all-time highs, had closed above an adjusted volume-weighted average price (AVWAP).<\/p>\n

AVWAP looks at important support and resistance levels based on trader behavior, and the close above $30,000 marked a resurgence not seen in two years.<\/p>\n

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First monthly close over the AVWAP from all-time highs in $BTCUSD<\/a> #Bitcoin<\/a> pic.twitter.com\/AYBMCJvLpL<\/a><\/p>\n

\u2014 Michael Nauss, CMT, CAIA (@MichaelNaussCMT) June 30, 2023<\/a><\/p><\/blockquote>\n

Retweeting Nauss, Caleb Franzen, CEO of Cubic Analytics, called on market observers to lengthen their time preference.<\/p>\n

\u201cWhen the BlackRock ETF application was announced, the price of Bitcoin was roughly $26k and it rose to new YTD highs above $31k,\u201d part of commentary stated<\/a> last week, referencing ongoing attempts to launch the first Bitcoin spot price exchange-traded fund (ETF) in the United States. <\/p>\n

\u201cWe\u2019re still trading above $30k and people are losing their minds? Couldn\u2019t be me. Higher highs and higher lows.\u201d<\/p><\/blockquote>\n

Magazine: How smart people invest in dumb memecoins: 3-point plan for success<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n