How Bitcoin’s Price Remains Bullish as $30K Buyers Emerge

On July 7, Bitcoin (BTC) showed signs of rangebound movements as traders recovered from a day of volatility.

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BTC price gets a bid after volatile 24 hours

Data from Cointelegraph Markets Pro and TradingView showed that the crypto price action for BTC/USD hugged $30,000 overnight.

Despite Bitcoin bulls’ expectations that new yearly highs the day prior would allow BTC/USD to exit its months-long trading range for good, the largest cryptocurrency saw rejection at $31,500, dropping below the $30,000 mark just hours later to challenge the lower part of the range.

As a result, traders reverted to risk-off mode in the short term. Popular trader Jelle noted that relative strength index (RSI) values had come full circle on 4-hour timeframes, effectively canceling out the previous crypto hype.

“Bitcoin – 4h RSI almost fully reset, as the crypto price made its way towards the local range lows. I’m not expecting much volatility over the weekend, likely just more rangebound crypto price action,” he told his Twitter followers.

Fellow trader Skew also pointed out what appeared to be solid buyer interest at the overnight lows near $29,700, adding that BTC price trajectory had suffered at the hands of “aggressive” crypto short selling after $31,500 had been hit.

Bitcoin “undoubtedly bullish”

Longer-term perspectives continue to support the bullish narrative, with short-term retracements and sideways movement below resistance a necessary obstacle to overcome.

TraderKoz, like many other crypto market participants, dismissed fears of a deeper downturn that could challenge Bitcoin’s uptrend.

“It’s important to keep the bigger picture in mind and not lose focus,” he said on July 6, adding that the pullback zone may be too “ideal” for those waiting for it.

Therefore, crypto Twitter users should not miss out on the opportunity to understand what is happening in the crypto market today.