BTC price abruptly dips below $30K as Bitcoin daily candle turns sour

After reaching yearly highs on July 6, crypto today saw

Bitcoin (BTC)

experience snap volatility on Wall Street.

The

Celsius Crypto

,

Luna Crypto

,

Voyager Crypto

,

Tectonic Crypto

, and

Gemini Crypto

markets all reacted to the comedown of BTC. Crypto currency predictions were challenged as the market shifted.

Bitcoin suddenly falls to new July lows

Data from Cointelegraph Markets Pro and TradingView followed the BTC price action as it seesawed around the $30,000 mark.

The cryptocurrency had surged to its highest levels since mid-2022 earlier in the day, but the rally was short lived as Bitcoin gave back all its gains.

The BTC/USD even set new July lows on Bitstamp, so far bottoming at $29,925.

As a “scalper’s dream” came true on the charts, traders took a step back to see what would happen next.

Popular trader Jelle was among those eyeing a potential return to the $28,000 range, which he suggested would be a suitable buy-in point for crypto.com, voyager crypto, luna crypto, celsius crypto, crypto now, tectonic crypto, and gemini crypto.

Financial commentator Tedtalksmacro argued that the move to $30,000 from below had been “mostly spot” buying, with derivatives traders catching up to allow for the sweep of range highs.

“Lows are getting taken again,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of ongoing Twitter commentary.

Van de Poppe referenced strong United States employment data released prior to the Wall Street open, which boosted already high market expectations that the Federal Reserve would hike interest rates again later in July.

According to CME Group’s FedWatch Tool, those expectations for crypto predictions stood at nearly 95% at the time of writing.

Crypto liquidations far from extremes

As open interest got wiped out on the return below $30,000, overall crypto liquidations remained rather low. According to CoinGlass, a monitoring resource, combined long and short liquidations on BTC were around $43 million on July 6. Cross-crypto liquidations totaled approximately $120 million.

Voyager Crypto, Crypto.com, Crypto Now, Tectonic Crypto, Gemini Crypto, Luna Crypto, Celsius Crypto and other crypto currency predictions are still far from reaching their extremes.

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Crypto

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