{"id":51329,"date":"2024-07-31T01:37:00","date_gmt":"2024-07-31T01:37:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-trader-60k-bears-btc-price-rejection"},"modified":"2024-07-31T04:25:28","modified_gmt":"2024-07-31T04:25:28","slug":"bitcoin-trader-eyes-60k-next-as-bears-force-fresh-btc-price-rejection","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51329","title":{"rendered":"Bitcoin trader eyes $60K next as bears force fresh BTC price rejection"},"content":{"rendered":"

Bitcoin (BTC) stayed lower into the July 30 Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price fails to clinch key support<\/h2>\n

Data\u00a0showed BTC\/USD trading around $66,500, circling the daily open.<\/p>\n

The day prior had seen volatility throughout, with Bitcoin initially pushing to $70,000 but failing to hold it\u00a0\u2014 an all-too-familiar sequence of events \u2014 instead falling by nearly 6% in a matter of hours.<\/p>\n

As Cointelegraph reported, the move accompanied $2 billion of BTC leaving a wallet associated with the United States government.<\/p>\n

The transaction contrasted with pledges to use the funds to build a Bitcoin strategic reserve or stockpile made by presidential candidates at the weekend.<\/p>\n

William Clemente, co-founder of crypto research firm Reflexivity, described the timing as \u201cnot a coincidence.\u201d<\/p>\n

\u201cLittle more short term flush and summer ranging then probably up only,\u201d he predicted about where BTC price action would head next.<\/p>\n

Reacting, Keith Alan, co-founder of trading resource Material Indicators, hoped that bulls could stage a recovery to protect a rising trendline on daily timeframes.<\/p>\n

In subsequent commentary on X, he argued that higher levels than those seen this week, specifically $72,000 and above, depended on bulls first flipping the old 2021 all-time high of $69,000 to firm support.<\/p>\n

\u201cThat\u2019s the HH that bulls need to take out before BTC is positioned to go after the ATH, and I do think it will come eventually, but I maintain that we aren\u2019t going to see a sustainable move to a new ATH until we validate and R\/S Flip at $69k,\u201d he wrote.<\/p>\n

\"\"
Source: Keith Alan<\/em><\/figcaption><\/figure>\n

Popular trader Roman meanwhile focused on near-term BTC price targets, which extended down to $60,000.<\/p>\n

Should the market fall to such levels, he forecast, sentiment would force a short squeeze which would allow BTC\/USD to return to the upper part of its longer-term trading range.<\/p>\n

\u201cEyeing price targets of 64 & 60k respectively. Showing bear divs with a possible DT reversal setup,\u201d he confirmed.<\/p>\n

\u201cMy bet is sentiment gets ultra bearish at these levels then we full send up once again.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT chart. Source: Mark Cullen<\/em><\/figcaption><\/figure>\n

\u201cAfter tapping 70K yesterday Bitcoin sold off back into the range I was looking at yesterday,\u201d fellow trader Mark Cullen continued in his own X analysis.<\/p>\n

\u201cThe question now is will the trendline and golden zone retrace hold and create a HL or will $BTC bounce for a LH and roll over to the range low i was looking to get run?\u201d<\/p><\/blockquote>\n

Bitcoin traders up exchange withdrawal size<\/h2>\n

In some of its latest analyses, onchain analytics platform CryptoQuant noted what it called \u201cincreasing\u201d withdrawals from exchanges.<\/p>\n

Related: US national debt passes $35T \u2014 5 Things to know in Bitcoin this week<\/em><\/strong><\/p>\n

Contributing analyst CryptoOnchain noted that the mean amount of BTC per exchange withdrawal transaction was on the rise.<\/p>\n

\u201cThis is despite the fact that Bitcoin has entered a fluctuation area since February,\u201d they wrote in accompanying commentary.<\/p>\n

\u201cThe increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin exchange outflow transaction amount (7-day moving average). Source: CryptoQuant<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Bitcoin (BTC) stayed lower into the July 30 Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop. BTC\/USD 1-hour chart. Source: TradingView BTC price fails to clinch key support … Bitcoin trader eyes $60K next as bears force fresh BTC price rejection<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,2127,5652,276,159],"class_list":["post-51329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-crypto","tag-emilynews","tag-ethereum","tag-hyipnews","exalt-entry"],"yoast_head":"\nBitcoin trader eyes $60K next as bears force fresh BTC price rejection - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51329\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin trader eyes $60K next as bears force fresh BTC price rejection - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) stayed lower into the July 30 Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop. 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