Crypto bulls were battling for $31,000 on July 4 as the United States market closure gave a chance for crypto currency volatility.
Bitcoin price “getting ready to rip higher”
Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement overnight gains, topping out near $31,400 before momentum waned, leaving BTC/USD still within a narrow trading range.
Despite no new yearly highs yet, market participants were bullish on lower timeframes based on recent behavior. The trading suite Decentrader even argued that Bitcoin was “looking bullish across virtually all time frames” on one of its proprietary crypto tools.
“Feels like the market is getting ready to rip higher,” Decentrader co-founder Philip Swift, creator of on-chain data resource LookIntoBitcoin, added on the day.
Michaël van de Poppe, founder and CEO of trading firm Eight, forecast that rapid gains would only kick in once BTC/USD had passed $32,500 to mark new highs.
“Good consolidation on Bitcoin here. Swept some highs, but no acceleration,” he summarized.
Others continued a narrative calling for lower levels to reappear in the second half of 2023, after a midterm top. As Cointelegraph reported, an increasingly popular target for the year’s highs focuses on the mid-$30,000 range.
“The more time than passes with Bitcoin holding above $25,000 on the macro level, the more i am leaning towards a macro bottom being in,” popular trader Crypto Tony wrote in part of fresh analysis on the topic.
Small entities snap up BTC supply
The latest figures from crypto analytics firm Glassnode show that smaller crypto investors, referred to as “shrimp” with wallets containing less than 1 BTC, are accumulating more than 33,000 BTC per month.
This is an impressive figure, with only 2.5% of trading days recording a larger monthly position change.
The total coins held by the Shrimp class now stand at 1.33M BTC, according to Glassnode.
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