Bitcoin has seen consolidation above $30000, but bears were active in preventing it from going above its strong resistance in the last few days.
Bitcoin has seen yet another day of strong sentiments as bulls supported it above $30000. But the crypto market was buzzing on BTC’s inability to cross its strong resistance at $31000. Many analysts had varying opinions but agreed the crypto market was broadly bullish.
Bitcoin has seen a huge surge in 2023 so far. It started with a steep rise, which slowed down slightly. June saw the crypto market recovering its lost gains, and the signals are still positive. Bitcoin has remained over $30000 for a while and has gained solid traction from bulls at the level.
Experts agree on the cautious approach taken by long-term investors above BTC’s current trading range. Various reasons could be responsible for the same. While the crypto market saw a sudden rally after the news of Bitcoin ETFs, regulators were quick to adopt a strict stance.
The US could still see Bitcoin ETFs as a reality, but regulatory concerns could stay for some time. In the last 24 hours, tokens like Solana and Dogecoin saw green shoots. Others were mostly either flat or in the red.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30800 on July 5, 2023, with BTC/USD down by around 0.4% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (28,606.04) as BTC’s 24-hour volume decreased to around $10 billion. Bitcoin has seen around 85.73% returns on a year-to-date basis.