Crypto currency like Bitcoin (BTC) continued to move lower ahead of the July 5 Wall Street open as investors moved to a risk-off stance in the United States equities markets.
BTC price begins hitting dip-buying targets
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 on Bitstamp.
The crypto currency market saw BTC price action remain in a sideways trading pattern within a larger range since mid-June.
As the bulls failed to make any progress in breaking the topside resistance, Bitcoin traders eyed the area at $30,000 or just below for a potential dip-buying opportunity.
Popular trader Crypto Ed commented on Twitter, “We’re heading there, will look for reaction from that level.”
Fellow trader Jelle also looked for an opportunity to “buy the dip” nearer $28,000 — already a popular target for doing so.
“As Bitcoin’s daily bearish divergence plays out, I see a potential hidden bullish divergence shaping up,” he revealed alongside an explanatory chart.
The chart showed Bitcoin’s relative strength index (RSI) printing the bearish divergence referred to.
Bitcoin “bullish market structure” remains
The lack of upside momentum did not cause any panic.
Reacting to the strong monthly close, trader and analyst Rekt Capital said that the intraday performance was “nothing to panic about.”
“Personally I am staying long above $28,000, as it was a great entry point,” Crypto Tony added.
Daan Crypto Trades agreed that the bullish trend is still in place.
“On the lower timeframes, the crypto bullish market structure is still intact,” his latest analysis concluded.
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