Bitcoin (BTC) bulls struggled around $31,000 on July 4 as a US market shutdown presented an opportunity for volatility.
BTC/USD 1 hour chart. Source: TradingView
Bitcoin Price ‘Preparing to Continue Climbing’
Data from Cointelegraph Markets Pro and TradingView showed BTC price action trying to solidify overnight gains.
These peaked near $31,400 before momentum faded, leaving BTC/USD still range bound.
While new highs for the year are yet to be seen, recent behavior has left market participants bullish on shorter time frames.
Trading suite DecenTrader even argued that Bitcoin “looks bullish over virtually all timeframes” on one of its proprietary trading tools.
“It feels like the market is preparing to continue higher,” Philip Swift, co-founder of DecenTrader and creator of on-chain data resource LookIntoBitcoin, added on the day.
Michaël van de Poppe, founder and CEO of trading firm Eight, predicted that quick gains would not materialize until BTC/USD broke above $32,500, marking new highs.
“Good consolidation on bitcoin here. Reached some heights but no acceleration,” he summarized.
“Actual acceleration will occur above $32,500. Slow progress until then.”BTC/USD annotated chart. Source: Michael van de Poppe/Twitter
Others continued their narrative, claiming that lower levels should reappear in the second half of 2023 after a mid-term top. As Cointelegraph reported, an increasingly popular target for yearly highs is centered in the mid-$30,000s.
“As time passes while bitcoin remains above $25,000 at a macro level, I’m leaning toward a macro bottom,” popular crypto trader Tony wrote in a new analysis on the topic.
“I still believe we see a larger pullback later this year but likely part of a larger accumulation zone.”BTC/USD 1-week chart. Source: TradingView
Small businesses are grabbing the BTC supply
Meanwhile, the latest on-chain numbers from analytics firm Glassnode showed a continued accumulation of smaller companies in the Bitcoin investor spectrum.
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These “shrimps”, defined as wallets with less than 1 BTC, are currently steadily increasing their holdings by over 33,000 BTC per month.
According to Glassnode, the data stands out: “Only 130/5263 (2.5%) trading days saw a major monthly position change.”
“This brings the total number of coins held by the Shrimp class to 1.33 million BTC,” he added.
Bitcoin Shrimp Net Position Change Chart Annotated. Source: Glassnode/Twitter
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This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.
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