The price of Bitcoin (BTC) remained stable at the Wall Street open on July 31, but analysis suggests that the situation may not last much longer for the bulls. Data from Cointelegraph Markets Pro and TradingView showed that BTC continued to exhibit sideways behavior, similar to the previous weekend and week. Despite briefly climbing above $29,500 after the weekly close, the market seemed unable to establish a significant trend change.
Material Indicators, a monitoring resource, highlighted the $29,500 price level as a popular trigger for sellers. They noted that bulls needed to overcome this resistance in order to regain control of the market. Additionally, the 50-day and 100-day moving averages at $29,450 and $28,460 respectively, acted as key trend lines to the upside and downside.
Speculation was rife about the next move for BTC. Material Indicators highlighted the importance of candles printing above the 100-week MA in order to consider a bull market breakout. They noted that the 50-Day MA had been tested for eight consecutive days, and if bulls failed to clear the $29.5k resistance, a new downturn toward the $28.3k support level was likely. The question remained whether BTC would bounce from the $28k range or extend further downward to $25k and beyond.
Rekt Capital, a popular trader and analyst, compared the current behavior of Bitcoin to its price action in early 2021. They highlighted that BTC was in the process of turning the $29,300 level into support, which was a significant development in establishing a new uptrend.
On-chain transaction volumes were also a topic of discussion. Mikybull Crypto, another trader, pointed out that volumes had reached their lowest levels in over two years. This suggested that a major volatility spike was imminent. Many market participants have been anticipating a breakout for BTC/USD after weeks of minimal movement.
It is worth noting that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research and assess the risks involved before making any investment decisions.
In conclusion, Bitcoin’s price remained steady at the Wall Street open, but the net is closing in for bulls. Resistance levels at $29,500 and the 50-day and 100-day moving averages continue to provide challenges for BTC. Traders and analysts are closely monitoring the monthly close for potential volatility. On-chain transaction volumes are at historic lows, indicating a potential breakout in the near future. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.