- Bitcoin price shows clear divergence and a downtick in volume as price ascends.
- Bitcoin price remains submerged behind Glassnode’s Difficulty Ribbon on-chain metric.
- BTC price remains fundamentally bearish until $30,000 is breached.
Bitcoin price shows fundamentals are likely sidelined from the market until higher targets are reached. Still, a trader understands to always look for opportunities and manage risk accordingly.
Bitcoin price shows stagnation
Bitcoin price is having trouble propelling towards higher targets. The peer-to-peer digital asset has performed quite erratically during July as traders experienced shakeouts and fakeouts in both directions. Because of the unpredictable behavior, the Bitcoin price ascent looks rather congested. This subtle display of uncertainty can be viewed as a weakness of trend amongst technical analysts. An opportunity to short the digital asset could present itself in the coming weeks.
Bitcoin price currently trades at $23.438. The Volume Profile indicator confounds the idea of a weakening trend as the cumulative volume tapers while the BTC price ascends. Additionally, the Bitcoin price is beginning to bear restrictions at both the $23,000 and $25,400 levels, causing a wedge-like pattern.
BTC/USDT 2-Hour Chart
Glass Node’s Difficulty Ribbon justifies the inconvenient times experienced by Bitcoin. The June 12 sell-off, which finally broke support, now has the Bitcoin price submerged below it. The bulls would need to re-hurdle the colorful barrier near $30,000 before confident fundamentalists re-enter the market.
Glassnode Difficulty Ribbon
BTC price remains fundamentally bearish until $30,000 is breached. However, traders with a keen eye may be able to make a profit in the coming days by shorting the notorious Crypto King. Still, the technicals suggest entry may be a bit too soon, but a breach of the intended market structure could be an early entry signal.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?