Bitcoin continues to consolidate in a positive manner, according to a prominent analyst, with increasing bets on the cryptocurrency’s upward trajectory. On July 4, as the United States observed a market closure, Bitcoin bulls battled to keep the price above $31,000, presenting an opportunity for volatility.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin’s price attempted to solidify its overnight gains, reaching a peak near $31,400 before momentum subsided. Nevertheless, BTC/USD remained within a narrow trading range. Despite not achieving new yearly highs yet, market participants displayed optimism on lower timeframes, supported by recent market behavior.
Decentrader, a trading suite, even stated that Bitcoin appeared “bullish across virtually all time frames” on one of its proprietary tools. Philip Swift, the co-founder of Decentrader and creator of LookIntoBitcoin, a renowned on-chain data resource, expressed confidence in Bitcoin’s potential for a higher surge.
Michaël van de Poppe, CEO of trading firm Eight, suggested that substantial gains would only materialize once BTC/USD surpassed the $32,500 mark to establish new highs. He described the current Bitcoin consolidation as positive, stating that acceleration would occur above $32,500, while anything below it would be a slow grind.
Some analysts anticipate a retracement to lower levels in the second half of 2023 following a midterm top. They highlight the mid-$30,000 range as a possible target for this year’s high. While a larger drop later this year is still expected, it is likely to be part of a broader accumulation zone.
On-chain analytics firm Glassnode reported ongoing accumulation among smaller entities in the Bitcoin investor spectrum. These smaller wallets, referred to as “shrimp,” containing less than 1 BTC, are currently increasing their holdings by over 33,000 BTC per month. This consistent growth in their positions is notable, with only a small percentage of trading days recording larger monthly changes. The cumulative balance held by the shrimp class now stands at 1.33 million BTC.
Disclaimer: This article does not provide investment advice or recommendations. Investing and trading involve risks, and readers should conduct their own research before making any decisions.