BTC price remains ‘undoubtedly bullish’ as $30K Bitcoin buyers emerge

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<p>Bitcoin (BTC) teased more rangebound moves on July 7 as traders recovered from a day of volatility.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-07/dd8879b0-b1b7-41c4-a2d9-061aed126088.png" /><figcaption><em>BTC/USD 1-day chart. Source: TradingView</em></figcaption></figure>
<h2>BTC price gets a bid after volatile 24 hours</h2>
<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price action hugging $30,000 overnight.</p>
<p>Bitcoin bulls had hoped that new yearly highs the day prior would allow BTC/USD to exit its months-long trading range for good, but ended up disappointed.</p>
<p>The largest cryptocurrency saw rejection at $31,500, falling below the $30,000 mark just hours later to challenge the lower part of the range.</p>
<p>Looking ahead, traders thus reverted to risk-off mode in the short term.</p>
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<p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USD</a> &#8211; Update </p>
<p>$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 <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> <a href="https://t.co/W69Ay0DOIq">pic.twitter.com/W69Ay0DOIq</a></p>
<p>— Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1677206225203744771?ref_src=twsrc%5Etfw">July 7, 2023</a></p></blockquote>
<p>Popular trader Jelle noted that relative strength index (RSI) values had come full circle on 4-hour timeframes, effectively canceling out the previous hype.</p>
<p>“Bitcoin &#8211; 4h RSI almost fully reset, as price made its way towards the local range lows. I&#8217;m not expecting much volatility over the weekend, likely just more rangebound PA,” he <a href="https://twitter.com/CryptoJelleNL/status/1677206937744601088" target="_blank" rel="noopener nofollow">told</a> Twitter followers.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-07/a13ddf79-0101-4693-8094-426f877fe70a.png" /><figcaption><em>BTC/USD 4-hour chart with RSI. Source: TradingView</em></figcaption></figure>
<p>Fellow trader Skew nonetheless noted what appeared to be solid buyer interest at the overnight lows near $29,700.</p>
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<p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Binance Spot<br />Quite a lot of BTC being bought here actually &amp; decent liquidity definition here </p>
<p>Supply $31.3K &#8211; $32K<br />Demand $29.5K &#8211; $28K <a href="https://t.co/IrAObilBzP">pic.twitter.com/IrAObilBzP</a></p>
<p>— Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1677128112986009605?ref_src=twsrc%5Etfw">July 7, 2023</a></p></blockquote>
<p>He <a href="https://twitter.com/52kskew/status/1677122880478547968" target="_blank" rel="noopener nofollow">added</a> that BTC price trajectory had suffered at the hands of “aggressive” short selling after $31,500 had been hit.</p>
<h2>Bitcoin &#8220;undoubtedly bullish&#8221;</h2>
<p>Longer-term perspectives likewise continued the overall bullish narrative, with short-term retracements and sideways movement below resistance a necessary hurdle to overcome.</p>
<p><strong><em>Related: Bitcoin analysis agrees BTC price may stall at $35K</em></strong></p>
<p>Among them was that of TraderKoz, who like various other market participants dispelled fears over a deeper comedown challenging Bitcoin&#8217;s uptrend.</p>
<p>&#8220;With a lot of people talking about shorter-term pullbacks, it&#8217;s important to keep the bigger picture in mind and not lose focus,&#8221; he <a href="https://twitter.com/TraderKoz/status/1677028159911350275" target="_blank" rel="noopener nofollow">argued</a> on July 6.</p>
<blockquote><p>&#8220;Whether 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.&#8221;</p></blockquote>
<p>Prior analysis <a href="https://twitter.com/TraderKoz/status/1676636843989942272" target="_blank" rel="noopener nofollow">acknowledged</a> that such a pullback zone may be too &#8220;ideal,&#8221; implying that those waiting for it may thus get left behind.</p>
<p><strong><em>Magazine: How smart people invest in dumb memecoins: 3-point plan for success</em></strong></p>
<p>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.
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<br /><a href="https://cointelegraph.com/news/btc-price-undoubtedly-bullish-30k-bitcoin-buyers">Source link </a></p><p>The post <a href="https://forextraderhub.com/btc-price-remains-undoubtedly-bullish-as-30k-bitcoin-buyers-emerge.html">BTC price remains ‘undoubtedly bullish’ as $30K Bitcoin buyers emerge</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>