A long rally for Bitcoin seems to be getting tough even though its consolidation was solid above the $30000 mark, leading to a flat trading range.
The crypto market saw its trajectory across expected lines over the weekend, with BTC having its support above $30000. The situation was different on June 30, when it saw Bitcoin dipping below the mark momentarily. Bulls were quick to rush for its rescue, and the crypto has floated above $30000 ever since.
The dip on June 30 could have been due to regulators calling for more information on the recently applied spot Bitcoin ETFs. The news has led to traders taking a cautious approach currently. Just a week back, the news of the ETFs had sent the crypto market through a bullish ride.
Analysts still hold expectations of a long rally in BTC. They claim the $31000 mark needs to be broached first for further upward movements. Any negative news in the upcoming week could be a reason for a sudden knee-jerk reaction, but BTC seems to hold enough sway with bulls for now.
The crypto market is trading with a market cap of $1.22 trillion, which has been almost constant throughout the weekend. ETH has finally crossed $1900 and would look to stay at that level for some time.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30500 on July 2, 2023, with BTC/USD up by around 0.1% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (27,918.01) as BTC’s 24-hour volume decreased to around $8 billion. Bitcoin has seen around 83.43% returns on a year-to-date basis.