Bitcoin Traders Uncertain as Price Stalls at $28K: Breakout or Dip Ahead?

At the Wall Street open on July 3, Bitcoin (BTC) remained below $31,000, and bulls were still searching for a spark.

Bitcoin price: Sink or swim at $30,000

Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was trading in a narrow range after the weekly close.

BTC’s price activity stayed flatly in a sideways direction throughout the beginning of the week, with only minor attempts to reach the $31,000 level.

Optimistic market participants were hopeful that the nearby resistance levels for not only Bitcoin, but other assets, would soon be broken.

The Stockmoney Lizards trading team asserted that the more often a resistance line is tested, the less strong it becomes.

A chart uploaded to Twitter that was accompanying it compared the BTC price action this year to its pre-bull market behavior in 2016 before it reached its all-time highs in December 2017.

Rekt Capital, a well-known trader and analyst, further suggested that the entire crypto market capitalization was ready for a surge.

Other traders noticed the possibility of a decline due to persistent opposition. Crypto Tony, among them, kept advocating for a decrease to $28,000.

He informed his Twitter followers on the day that “this really is as easy as it gets for Bitcoin this week.”

As reported by Cointelegraph, there was also an agreement that BTC/USD was likely to reach its peak, possibly in the mid-$30,000 range, after one final surge.

A 2021 repeat in the making?

The June monthly close had a major impact on Bitcoin’s performance on monthly timeframes.

Millions of dollars sent by miners to exchanges is one of the five major newsworthy events in the Bitcoin world this week.

Michael Nauss, a technical analyst, has noted that BTC/USD has, for the first time since its 2021 all-time highs, closed above a volume-weighted average price (AVWAP) that has been adjusted.

The close above $30,000 that was seen on AVWAP was indicative of a resurgence in trader behavior that had not been seen for two years.

Caleb Franzen, CEO of Cubic Analytics, echoed Nauss by urging market observers to extend their time preference.

Last week, commentary noted that when the news of the BlackRock ETF application was released, Bitcoin’s price was around $26k and subsequently rose to its yearly-to-date high of over $31k in response to the ongoing effort to establish the first Bitcoin spot price exchange-traded fund (ETF) in the United States.

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