Bitcoin (BTC<\/a>) teased more rangebound moves on July 7 as traders recovered from a day of volatility.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price action hugging $30,000 overnight.<\/p>\n Bitcoin bulls had hoped that new yearly highs the day prior<\/a> would allow BTC\/USD to exit its months-long trading range for good, but ended up disappointed.<\/p>\n The largest cryptocurrency saw rejection at $31,500, falling below the $30,000 mark just hours later<\/a> to challenge the lower part of the range.<\/p>\n Looking ahead, traders thus reverted to risk-off mode in the short term.<\/p>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n $30,000 acting as good support for now, but now follow through form the bears. Another day of ranging i imagine we shall see, which should mean pumpy pumpy on our #Altcoins<\/a> pic.twitter.com\/W69Ay0DOIq<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) July 7, 2023<\/a><\/p><\/blockquote>\n Popular trader Jelle noted that relative strength index (RSI) values had come full circle on four-hour timeframes, effectively canceling out the previous hype.<\/p>\n \u201cBitcoin – 4h RSI almost fully reset, as price made its way towards the local range lows. I’m not expecting much volatility over the weekend, likely just more rangebound PA,\u201d he told<\/a> Twitter followers.<\/p>\n Fellow trader Skew nonetheless noted what appeared to be solid buyer interest at the overnight lows near $29,700.<\/p>\n $BTC<\/a> Binance Spot Supply $31.3K – $32K \u2014 Skew \u0394 (@52kskew) July 7, 2023<\/a><\/p><\/blockquote>\n He added<\/a> that BTC price trajectory had suffered at the hands of \u201caggressive\u201d short selling after $31,500 had been hit.<\/p>\n Longer-term perspectives likewise continued the overall bullish narrative, with short-term retracements and sideways movement below resistance a necessary hurdle to overcome.<\/p>\n Related: Bitcoin analysis agrees BTC price may stall at $35K<\/a><\/em><\/strong><\/p>\n Among them was TraderKoz, who,\u00a0like various other market participants<\/a>, dispelled fears over a deeper comedown challenging Bitcoin\u2019s uptrend.<\/p>\n \u201cWith a lot of people talking about shorter-term pullbacks, it\u2019s important to keep the bigger picture in mind and not lose focus,\u201d he argued<\/a> on July 6.<\/p>\n \u201cWhether we pullback to 28k, 29k, or wherever else, this weekly chart is undoubtedly bullish (in my opinion). And I will be looking to bid dips.\u201c<\/p><\/blockquote>\n Prior analysis acknowledged<\/a> that such a pullback zone might be too \u201cideal,\u201d implying that those waiting for it may thus get left behind.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/dd8879b0-b1b7-41c4-a2d9-061aed126088.png\")
BTC price gets a bid after volatile 24 hours<\/h2>\n
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Quite a lot of BTC being bought here actually & decent liquidity definition here <\/p>\n
Demand $29.5K – $28K pic.twitter.com\/IrAObilBzP<\/a><\/p>\nBitcoin \u201cundoubtedly bullish\u201d<\/h2>\n