Bitcoin (BTC) starts a new week above $30,000 but heading nowhere as the multi-month trading range refuses to shift.
BTC price action is giving traders little more than a frustrating sense of deja vu — and they are now wondering what it could take to change the trend.
It may in fact be more accurate to say that on low timeframes, a trend is exactly what Bitcoin lacks. The largest cryptocurrency has spent weeks bounding between upside and downside liquidity pockets without deciding whether bulls or bears will ultimately win.
This struggle continues to play out with predictable regularity, and nothing — not macroeconomic data prints, institutional involvement or else — has been able to switch things up.
With that in mind, it may not be all that problematic that the coming week offers little in terms of data-driven risk asset catalysts from the United States or Federal Reserve.
Within Bitcoin, on-chain data is pointing to a reaccumulation phase among the investor base, possibly reflective of a “calm before the storm” mentality prior to a more significant market move.
Crypto market sentiment is “neutral,” according to the Crypto Fear & Greed Index, which is now nonetheless at its lowest point for July so far.
Cointelegraph takes a look at these factors and more to determine potential BTC price triggers for the coming days.
Bitcoin weekly close keeps volatility away
Bitcoin’s weekly candle close refreshingly opted to dispense with volatility, data from Cointelegraph Markets Pro and TradingView shows.
While normally a time of erratic short-term price moves, the close saw little disruption, with even $30,000 support remaining unchallenged.
BTC/USD thus continues within a narrow “mini range” in place since last week, when a fakeout to upside liquidity resulted in new yearly highs followed by a dramatic comedown.
“I think everyone can see this range with their eyes closed at this point,” popular trader Daan Crypto Trades summarized.
“For me it’s pretty easy. Bulls have to retake $30.5K for me to consider closing the inefficiency from the dump. Until then, my base case is for price to seek the liquidity at $29.5K.”
Others have similarly come round to the idea that new local lows may come next for Bitcoin, given bulls’ inability to break the range for an extended period.
For fellow trader Credible Crypto, a return to $27,400 — an area not seen in…
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