Bitcoin (BTC<\/a>) lingered below $31,000 at the July 3 Wall Street open, with bulls still in need of a catalyst.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> 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 Continuing, popular trader and analyst Rekt Capital suggested that the overall crypto market capitalization was also poised for a breakout.<\/p>\n 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<\/a>, after a final leg higher.<\/p>\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<\/a><\/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 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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/f75cdc20-0779-40e7-ad6a-abadf586f99c.png\")
Bitcoin price: Sink or swim at $30,000<\/h2>\n
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A 2021 repeat in the making?<\/h2>\n
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