{"id":56023,"date":"2023-07-18T03:16:05","date_gmt":"2023-07-18T03:16:05","guid":{"rendered":"http:\/\/egrowonline.com\/?p=56023"},"modified":"2023-07-18T03:16:05","modified_gmt":"2023-07-18T03:16:05","slug":"bitcoin-full-breakout-not-here-yet-as-btc-price-spends-month-at-30k","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=56023","title":{"rendered":"Bitcoin \u2018full breakout\u2019 not here yet as BTC price spends month at $30K"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next.<\/p>\n

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

Bitcoin traders line up downside targets<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed what one analyst called boring BTC price action into the new trading week.<\/p>\n

After an equally quiet weekend, BTC\/USD showed no signs of volatility amid a lack of catalysts for change across risk assets.<\/p>\n

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Twenty-six days within this range for #Bitcoin<\/a>. <\/p>\n

Boring. pic.twitter.com\/JghJp1dCCQ<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) July 17, 2023<\/a><\/p><\/blockquote>\n

\u201cThe market is in flux, and both camps are fighting for dominance,\u201d on-chain monitoring resource Material Indicators wrote<\/a> in part of its latest analysis, referring to a battle between Bitcoin bulls and bears. <\/p>\n

\u201cEverytime bears start to get some momentum, bulls replenish support at $30k. IMO, still too soon to declare a confirmed bull breakout, quite simply, because we haven\u2019t even had a legit test of resistance. Time for patience and discipline.\u201d<\/p><\/blockquote>\n

BTC\/USD 1-week chart with 200-week moving average. Source: TradingView<\/em><\/figcaption><\/figure>\n

Material Indicators co-founder Keith Alan suggested that should $30,000 be lost, Bitcoin could find support at key trend lines such as the 200-week moving average at $27,000. This chimed with existing predictions from popular traders<\/a> Cointelegraph reported on earlier.<\/p>\n

Traders Skew and Daan Crypto Trades, meanwhile, noted a \u201cheavy divergence\u201d between spot and derivatives markets, with sellers apt to get the upper hand short term.<\/p>\n

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#Bitcoin<\/a> Pretty heavy divergence between perps and spot here.<\/p>\n

Perps pushing up while spot seems to be selling off. pic.twitter.com\/Rhn8PuDlyP<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) July 17, 2023<\/a><\/p><\/blockquote>\n

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shorts pushing here, this is where sellers should gain control on market direction <\/p>\n

contrarian view is shorts get trapped at lows (buyers step in = absorbing sell pressure) $BTC<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) July 17, 2023<\/a><\/p><\/blockquote>\n

\u201cClear bias for me here,\u201d trader CJ continued<\/a> alongside a chart with a short-term relief target between $30,000 and $31,000. <\/p>\n

\u201cSpike into inefficiency and reject \u2014 will expect range lows at least, if not breakdown from this range. Reclaim inefficiency (and thus, April high) then we have a solid recovery and we are so back again.\u201d<\/p><\/blockquote>\n

Bad news for Bitcoin dominance?<\/h2>\n

Elsewhere, concerns over Bitcoin\u2019s retreating crypto market dominance played on the minds of market participants.<\/p>\n

Related: Will Bitcoin catch up? BTC price was $40K when the dollar was previously this weak<\/a><\/em><\/strong><\/p>\n

Popular trader Jibon called the dip below 50% dominance \u201cnot good\u201d for BTC, while in its latest market update<\/a>, trading firm QCP Capital tied United States regulatory events to even lower dominance to come.<\/p>\n

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$BTC.D<\/a> losing 50% Dominance Support. That’s not good for $BTC<\/a>. Let’s see what happen next. https:\/\/t.co\/xRiQfjTnKT<\/a> pic.twitter.com\/eLr2CglpD6<\/a><\/p>\n

\u2014 Trader_J (@Trader_Jibon) July 16, 2023<\/a><\/p><\/blockquote>\n

Bitcoin dominance, it wrote, \u201cis likely to break its recent uptrend and move lower again, at least until the BTC physical ETF decision, or when macro factors take over again.\u201d<\/p>\n

Last week\u2019s legal rebuke<\/a> of the U.S. Securities and Exchange Commission over allegations that sales of altcoin XRP (XRP<\/a>) represented unregistered securities was a mixed blessing for investors, it said.<\/p>\n

Bitcoin, which QCP described as \u201cbeing set up as the \u2018anti-security\u2019 coin,\u201d could stand to lose to altcoins thanks to U.S. investor confidence returning.<\/p>\n

Bitcoin market cap dominance chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Magazine: Experts want to give AI human \u2018souls\u2019 so they don\u2019t kill us all<\/a><\/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


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next. BTC\/USD 1-hour chart. Source: TradingView Bitcoin traders line up downside targets Data from Cointelegraph Markets Pro and TradingView followed what one analyst called boring BTC price action into the new trading week. […]<\/p>\n","protected":false},"author":1,"featured_media":56024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[3316,50,528,194,3339,549,195,14571],"class_list":["post-56023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-30k","tag-bitcoin","tag-breakout","tag-btc","tag-full","tag-month","tag-price","tag-spends"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/07\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvZTU0ZGNiM2QtYmZhYS00ZGRiLThhNzQtYmEwNGM5NDgyZjJlLmpwZWc.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56023"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56023\/revisions"}],"predecessor-version":[{"id":56025,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56023\/revisions\/56025"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/56024"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56023"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}