Bitcoin has exhibited a familiar BTC price behavior as bulls’ most recent push to $70,000 lasted only minutes.
The flagship crypto stayed relatively calm and was lower in the July 30, 2024, Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop.
BTC Fails To Secure Critical Support
Data published by TradingView showed BTC/USD trading near $66,500, hovering around the daily open. The previous day had seen volatility throughout, with Bitcoin at first rising to $70,000 but it failed to hold onto this critical position. This has become an all-too-familiar sequence of events. BTC instead dropped by almost 6% within a few hours.
As reported previously, the move accompanied $2 billion of BTC leaving a wallet linked with the United States government. This transaction contrasted with pledges to utilize the funds to develop a Bitcoin strategic reserve and stockpile made by the presidential candidates at the weekend.
The co-founder of crypto research firm Reflexivity, William Clemente, described the timing as “not a coincidence.” He predicted where the price action of Bitcoin would go next.
“Little more short term flush and summer ranging then probably up only.”
While reacting to this issue, Keith Alan, co-founder of trading resource Material Indicators, was hopeful that the bulls could stage a strong recovery to protect a surging trendline on daily timeframes.
In another commentary on X, he insisted that higher levels than those seen this week, particularly $72,000 and above, depended on the bulls first flipping the old 2021 all-time high of around $69,000 to form support. He wrote:
“That’s the HH that bulls need to take out before BTC is positioned to go after the ATH, and I do think it will come eventually, but I maintain that we aren’t going to see a sustainable move to a new ATH until we validate and R/S Flip at $69k.”
Renowned trader Roman on the other hand focused on short-term Bitcoin price targets, which extended down to $60,000. Should the Bitcoin market drop to these levels, he projects, sentiment would result in a short squeeze which would enable Bitcoin to return to the upper part of its longer-term trading range.
He confirmed:
“Eyeing price targets of 64 & 60k respectively. Showing bear divs with a possible DT reversal setup. My bet is sentiment gets ultra bearish at these levels then we full send up once again.”
Another trader, Mark Cullen, continued in his own X analysis:
“After tapping 70K yesterday Bitcoin sold off back into the range I was looking at yesterday. The question now is will the trendline and golden zone retrace hold and create a HL or will $BTC bounce for a LH and roll over to the range low I was looking to get run?”
Bitcoin Traders Increase Exchange Withdrawal Amount
In some of its most recent analyses, onchain analytics platform CryptoQuant noted what it referred to as “increasing” withdrawals from crypto exchanges.
A notable contributing analyst CryptoOnchain said that the mean amount of BTC per exchange withdrawal transaction was on the rise. They wrote in the accompanying commentary:
“This is despite the fact that Bitcoin has entered a fluctuation area since February. The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future.”
