Bitcoin Price Analysis: BTC/USD set for another big potential $3000 retest

Bitcoin price late on Friday was trading marginally in positive territory by some 1%.
BTC/USD is moving within a range-block, subject to downside risks.

Ken Chigbo Independent Analyst

The Bitcoin price late on Friday holding gains of 1.1%, despite the minor gains, consolidation mode can be observed. Price action once again has narrowed over the last four sessions, after a breakout to the downside was seen.

BTC/USD is trading within a narrowing daily range, $3500 to the upside, with lower support tracking at $3300. Since the start of this year, there have been series of periods where the price trades sideways to then break south.

The next committed move will come on a breakout, of either of the above-mentioned levels of the range. Eyes are on another retest of the December low area, $3100 mark initially, then to see the psychological $3000 level challenged.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.