Bitcoin (BTC) bulls fought for $31,000 on July 4 as a United States market closure offered the chance for volatility.
BTC/USD 1-hour chart. Source: TradingViewBitcoin price "getting ready to rip higher"
Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement overnight gains.
These topped 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.
Trading suite Decentrader even argued that Bitcoin was “looking bullish across virtually all time frames” on one of its proprietary trading 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.
“The actual acceleration will occur above $32,500. Until then it's just a slow grind.”
BTC/USD annotated chart. Source: Michaël van de Poppe/TwitterOthers 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.
“I still believe we see a bigger drop later this year, but likely to be a part of a bigger accumulation zone.”
BTC/USD 1-week chart. Source: TradingViewSmall entities snap up BTC supply
The latest on-chain figures from analytics firm Glassnode meanwhile revealed ongoing accumulation among the smaller entities on the Bitcoin investor spectrum.
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These “shrimp,” defined as wallets containing less than 1 BTC, are currently increasing their holdings by over 33,000 BTC per month on a rolling basis.
According to Glassnode, the data stands out, “with only 130 / 5263 (2.5%) trading days recording a larger monthly position change.”
“This brings the total coins held by the Shrimp class to 1.33M BTC,” it added.
Bitcoin Shrimp Net Position Change annotated chart. Source: Glassnode/TwitterMagazine: How smart people invest in dumb memecoins: 3-point plan for success
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
