On July 9, Bitcoin and the cryptocurrency market as a whole showed a moderate rally that helped offset some of the losses seen on Thursday, but some analysts continue to warn that BTC could fall to a range of $ 24,000 to $ 29,000 on short term .
Data from Cointelegraph Markets Pro and TradingView show that the bitcoin price went up during Friday morning and was able to rise above $ 34,100 again.
BTC / USDT daily chart. Source: TradingView
Sentiment among traders improved slightly after the bitcoin price changed course and returned to $ 34,000, but the price is still caught between key resistance and support level, and the lack of buying volume is still a big problem.
Tempting Beef, a pseudonymous cryptocurrency trader on Twitter, noted that the overall market value and cryptocurrency market value are still in a shaky position.
Eli Lou Rist, partner at digital asset management firm ExoAlpha, noted that along with the “non-directed trend” in BTC, the market is also reducing “volume”, resulting in “more uncontrolled reversals in the area, which is detrimental to trend traders.” ” …
Le Rest sa:
“In this area, we see pumps and tails when prices rise slowly and then fall rapidly, which is typical of low-liquidity markets.”
Given the volatility of the market, Le Rest believes that market participants will remain on the sidelines while waiting for the “Greyscale Fund to stop dumping its bitcoins and cool down with Chinese regulatory measures.”
Le Rest also called close attention from financial regulators around the world to Binance “a serious problem that reduces the market’s ability to receive the capital inflow needed to exceed $ 40,000.”
In the words of Le Rest:
“Although the market has already valued these commodities, we are still seeing active adoption of bitcoin by traditional asset managers looking for a good entry point for the next phase.”
Support signs over 30 thousand dollars
While it is true that the price of BTC fell below the weekly support level of around $ 34,500, cryptocurrency analyst Rekt Capital was quick to point out that the price found support at another solid support level of around $ 32,200, resulting in “no significant change in direction.”
On the subject: Bitcoin is a miracle and better than gold, says Apple co-founder Wozniak.
One possible bullish indicator that some analysts point to is Bitcoin’s “Net Entity Growth”, which has risen to new heights in recent weeks as the price of BTC has fallen below $ 40,000.
The growth of the network device of Bitcoin. Source: Glassnode
In times of uncertainty like this, even the most experienced trader turns to a simple dollar-value average strategy to reduce stress and redirect to long-term price expectations.