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The world’s largest cryptocurrency Bitcoin has continued to remain rangebound over the last week and more, with the BTC price flirting around $30,000 levels as of now. Investors, however, remain confused as to whether the BTC price is heading next.
Currently, Bitcoin is facing some downward selling pressure and facing difficulties to hold above the $30,000 level. citing on-chain data from Glassnode, popular crypto analyst Ali Martinez reported that around 1.72 million BTC were last transferred within the price range of $29,500 to $30,200. This range is considered a significant area of resistance.
Keep an eye on this range, as it might turn into a support level. If that happens, we can expect exciting and positive price movements!
#Bitcoin | On-chain data shows that 1.72 million $BTC last moved within the $29,500 – $30,200 price bucket, representing a significant area of resisitance.
Wait until it becomes support and expect fireworks when it does! pic.twitter.com/vhlKVh3wsg
— Ali (@ali_charts) July 23, 2023
The analyst further reported that as per the TD Sequential indicator, the daily chart for BTC is showing a buy signal. If the daily closing price goes above $30,000, it could confirm the bullish pattern, leading to a potential rise to the range of $30,400 to $30,600.
However, it’s important to be cautious around the $29,500 level. If there are any indications of weakness or a decrease in support at this level, it could negate the buy signal.
#Bitcoin | The TD Sequential shows a buy signal on $BTC daily chart. A daily close above $30K could validate the bullish formation leading to an upswing to $30.4K – $30.6K.
Watch out for the $29.5K level, as any signs of weakness at this support could invalidate the buy signal. pic.twitter.com/eOBiiYxPoJ
— Ali (@ali_charts) July 23, 2023
Bitcoin Sharks Accumulate, Whale Wallets on A Pause
On-chain data also shows that Bitcoin sharks have continued to accumulate even during this consolidation. However, sharks have put a pause for now. On-chain data provider Santiment writes: “Bitcoin has rebounded back above $30k this weekend, and it’s recommended to keep an eye on the number of large addresses as summer progresses. If the 100+ $BTC wallet line begins rising again, another breakout greatly increases in probability”.
However, some market analysts continue to stay bullish on Bitcoin considering the upcoming halving event in the next year. According to Standard Chartered analyst Geoff Kendrick, Bitcoin miners are creating a positive cycle that could drive the token’s price even higher than the already optimistic predictions.
When the price of Bitcoin goes up, miners tend to sell fewer tokens, which is a positive trend. Earlier this month, he mentioned that the price of Bitcoin could potentially reach $120,000 next year, showing a significant increase of 300% from its current value.
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