Bitcoin (BTC) hit fresh 2023 highs on July 6, as a renewed rebound from key support levels gave bulls a boost.
BTC/USD 1-day chart. Source: TradingView
Bitcoin Analyst Warns of “Predatory Reach”
Data from Cointelegraph Markets Pro and TradingView showed BTC price action breaking the top of its recent trading range.
Analysts had previously expected the largest cryptocurrency to continue falling and potentially hit $28,000 in what would present a classic buy the dip opportunity.
In view of the increasing momentum, Michaël van de Poppe, founder and CEO of the trading company Eight, was optimistic.
“I hope your long posts on bitcoin are filled. Looks pretty decent here and I think we’re going to slowly move up there,” he told his Twitter followers.
“- Breaking and reversal of $30.8k will result in rapid upside momentum. – A retest of $30.3k would be the same again for long positions.”
Annotated BTC/USD chart. Source: Michael van de Poppe/Twitter
The surge comes several hours after Larry Fink, CEO of the largest global asset manager BlackRock, called Bitcoin an “international asset” in a live interview and listed several benefits.
BlackRock’s application to launch the US’s first spot bitcoin exchange-traded fund (ETF) was resubmitted to regulators this week.
Continuing the analysis, financial commentator Tedtalksmacro was more cautious, warning that derivatives traders could still influence near-term market direction.
There has been a decent amount of spot bidding so far after flushing long positions yesterday… but the culprits are on the prowl here.
Predator range vibes. https://t.co/T7T2iHkeJC pic.twitter.com/0UrmWaWgrj
— tedtalksmacro (@tedtalksmacro) July 6, 2023
“Nothing But Bullish Consolidation”
Popular trader John Wick downplayed the issue, saying there’s no need to worry about Bitcoin’s continued consolidation near year-to-date highs.
Related: Bitcoin analysis concludes BTC price could stall at $35,000
#BTC weekly
Nothing but a bullish consolidation below the supply zone.
Green dots and green bars above the track line indicate that the supply zone will most likely be breached.
pic.twitter.com/kvWRoIjfUM
— Wick (@ZeroHedge_) July 5, 2023
Analytics account PlanC was also confident that the current phase would end in favor of the bulls. The focus was on Bitcoin’s two-year exponential moving average (EMA), which currently stands at $28,500.
“Bitcoin struggling to stay above the 2-year EMA; Historically, if that’s the case, it’s a bullish sign,” it said on the day.
“All previous cycle bottoms occurred when BTC was 45% to 55% below the 2-year EMA, which has already happened.”
An accompanying chart showed what is known as the “2-year EMA multiplier,” which plots BTC price action around its trendlines over the past few years.
Bitcoin 2-Year EMA Multiplier Chart. Source: PlanC/Twitter
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This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.
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