Bitcoin trader eyes $60K next as bears force fresh BTC price rejection
2024.07.30 03:21
Bitcoin (BTC) stayed lower into the July 30 Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop.
BTC/USD 1-hour chart. Source: TradingView
BTC price fails to clinch key support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $66,500, circling the daily open.
The day prior had seen volatility throughout, with Bitcoin initially pushing to $70,000 but failing to hold it — an all-too-familiar sequence of events — instead falling by nearly 6% in a matter of hours.
As Cointelegraph reported, the move accompanied $2 billion of BTC leaving a wallet associated with the United States government.
The transaction contrasted with pledges to use the funds to build a Bitcoin strategic reserve or stockpile made by presidential candidates at the weekend.
William Clemente, co-founder of crypto research firm Reflexivity, described the timing as “not a coincidence.”
“Little more short term flush and summer ranging then probably up only,” he predicted about where BTC price action would head next.
Reacting, Keith Alan, co-founder of trading resource Material Indicators, hoped that bulls could stage a recovery to protect a rising trendline on daily timeframes.
In subsequent commentary on X, he argued that higher levels than those seen this week, specifically $72,000 and above, depended on bulls first flipping the old 2021 all-time high of $69,000 to firm support.
“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,” he wrote.
Source: Keith Alan
Popular trader Roman meanwhile focused on near-term BTC price targets, which extended down to $60,000.
Should the market fall to such levels, he forecast, sentiment would force a short squeeze which would allow BTC/USD to return to the upper part of its longer-term trading range.
“Eyeing price targets of 64 & 60k respectively. Showing bear divs with a possible DT reversal setup,” he confirmed.
“My bet is sentiment gets ultra bearish at these levels then we full send up once again.”
BTC/USDT chart. Source: Mark Cullen
“After tapping 70K yesterday Bitcoin sold off back into the range I was looking at yesterday,” fellow trader Mark Cullen continued in his own X analysis.
“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 up exchange withdrawal size
In some of its latest analyses, onchain analytics platform CryptoQuant noted what it called “increasing” withdrawals from exchanges.
Related: US national debt passes $35T — 5 Things to know in Bitcoin this week
Contributing analyst CryptoOnchain noted that the mean amount of BTC per exchange withdrawal transaction was on the rise.
“This is despite the fact that Bitcoin has entered a fluctuation area since February,” they wrote in accompanying commentary.
“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.”
Bitcoin exchange outflow transaction amount (7-day moving average). Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
