The price of Bitcoin (BTC) experienced a dip as the Wall Street market opened on July 5th, reflecting a risk-off sentiment in the United States equities market. BTC/USD touched multi-day lows of $30,280 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The cryptocurrency has been trading sideways within a larger range since mid-June, with no significant progress towards breaking topside resistance. However, Bitcoin traders were hopeful that reaching the lows would provide the necessary momentum for bulls.
Well-known trader Crypto Ed had his attention on the $30,000 level or slightly below it. He stated on Twitter that they were heading towards that level and would observe the market’s reaction. Another trader named Jelle sought an opportunity to “buy the dip” around $28,000, which has already become a popular target for such market moves. Jelle pointed out a potential bullish divergence, referring to the daily bearish divergence in Bitcoin’s price action. He believed that if this pullback remained shallow, it could provide the necessary momentum to break through the $32,000 level.
Despite the lack of upside momentum, there was no sign of panic among traders. Rekt Capital, a trader and analyst, described the intraday performance as nothing to be concerned about. He suggested that BTC could dip even deeper for a healthy technical retest, aiming to flip old resistance into new support. Another trader, Crypto Tony, stated that personally, he would remain long as long as the price stayed above $28,000, which was his entry point. He advised waiting for the expected dip or the flip of the $31,000 resistance zone into support.
Daan Crypto Trades also emphasized that the bullish market structure remained intact. He stated that on lower timeframes, the market structure was still bullish and suggested considering a retest of $29.5K if the mid-range was lost. In the meantime, liquidity was concentrated around the $31.4-31.5K level.
It is important to note that this article does not offer any investment advice or recommendations. Every investment and trading decision entails risk, and readers should conduct their own research before making any decisions.
Overall, Bitcoin’s price experienced a dip as risk-off sentiment affected the United States equities market. Traders were closely monitoring key levels and looking for opportunities to buy the dip or wait for the market to provide significant bullish momentum. The market sentiment remained cautiously optimistic, with traders emphasizing the bullish market structure and the potential for further upside in the future.
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