At the July 17 Wall Street open, Bitcoin (BTC) refused to give up $30,000 as crypto.com, degrain crypto, crypto ethereum, crypto net, daily crypto, crypto xrp and cnbc crypto watchers placed bets on a step lower next.
Bitcoin traders line up downside targets
Cointelegraph Markets Pro and TradingView data showed what one analyst described as a boring BTC/USD price action at the start of the trading week.
The weekend was just as quiet, and the absence of catalysts for change among risk assets kept BTC/USD from displaying any signs of volatility.
“The market is in flux, and both camps are fighting for dominance,” Material Indicators, an on-chain monitoring resource, wrote in its analysis, referring to the battle between Bitcoin bulls and bears.
The co-founder of Material Indicators, Keith Alan, proposed that if $30,000 is breached, Bitcoin could find support at key trend lines such as the 200-week moving average at $27,000. Earlier, Cointelegraph reported on similar predictions from popular traders.
Skew and Daan Crypto Trades, two traders, meanwhile, pointed out a “heavy divergence” between spot and derivatives markets, with sellers likely to gain the upper hand in the short term.
Trader CJ also shared a chart with a short-term relief target between $30,000 and $31,000, saying: “Clear bias for me here.”
Bad news for Bitcoin dominance?
Elsewhere, worries about Bitcoin’s diminishing crypto market dominance were on the minds of traders.
Well-known trader Jibon deemed the dip below 50% dominance “not good” for BTC, while in its recent market report, trading firm QCP Capital linked the United States regulatory environment to an even lower dominance in the future.
QCP Capital stated that Bitcoin dominance is “probably going to break its recent uptrend and fall again, at least until the BTC physical ETF decision, or when macro factors take over again”.
Last week’s legal rebuff of the U.S. Securities and Exchange Commission concerning claims that sales of altcoin XRP (XRP) constituted unregistered securities was a double-edged sword for investors, it said.
Thanks to U.S. investor confidence coming back, Bitcoin, which QCP referred to as “being set up as the ‘anti-security’ coin”, could be surpassed by altcoins.
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