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Bitcoin price made no progress during the weekend session, considering the rejection from highs slightly above $31,800 to losses currently testing the validity of support at $30,000. Bulls were woken up last week with positive inflation data based on the United States Consumer Price Index (CPI).
As reported on Friday, movement to $35,000 and $38,000 would have been confirmed if BTC broke and upheld support above $32,000.
With the pullback to $30,000 apparent, a shift in the technical outlook of the largest cryptocurrency boasting $586 billion and $7.5 billion in trading volume, is required to validate the uptrend to $35,000 and $38,000, respectively.
Bitcoin Price Must Reclaim $30,200
Last week’s failure to reinforce a bullish grip on Bitcoin price saw a gradual retracement with coin-sweeping liquidity at $30,000. However, according to leading analysts like Michaël van de Poppe, most liquidity is situated in the lower support area around $28,000.
The renowned trader and analysts told over 660k followers on Twitter that Bitcoin must “reclaim $30,200 and we’ll be good for continuation to the upside.
He further cautioned that “there are so many people waiting for a case where we’ll drop to $28k, it’s pretty crowded. In other words, Poppe means that many traders and investors could miss out on the expected uptrend, causing pain, especially in the derivatives market.
Captain Faibik, another popular trader and analyst, says that “early shorts and late longs REKT soon.” This remark followed a technical insight from the Bollinger Bands, which “are squeezing and volume is decreasing,” implying “silence before the storm” characterized by Bitcoin price nosediving to $25,000.
$BTC Bollinger Bands are squeezing & Volume is Decreasing too, Silence before the Storm..🌪
I Think Both early Shorts and Late Longs REKT soon.#Crypto #Bitcoin #BTC pic.twitter.com/wGgVcSzmQh
— Captain Faibik (@CryptoFaibik) July 17, 2023
Based on the daily chart, the Money Flow Index (IMF) shows that odds could continue to favor bears now that the outflow volume currently surpasses the inflow volume. If bulls lose the immediate support at $30,000 it is highly probable to experience a sell-off to $28,000.
Traders must keep the 50-day Exponential Moving Average (EMA) at $29,230 in mind as it may aid in the absorption of the overhead pressure. Nonetheless, potential losses to $28,000 and $25,000 cannot be ruled out until Bitcoin price reclaims resistance at $30,200 and $32,000, respectively.
Bitcoin Lightning Network Debuts On Binance
In other news, Binance is weathering the storms by keeping up with its development needs despite the ongoing lawsuit against the Securities and Exchange Commission (SEC) and a raft of FUD surrounding the exchange.
The largest crypto exchange announced that would be integrating the Bitcoin Lightning network into its protocol to improve transaction speed while effectively reducing the cost of BTC transactions.
As a Layer 2 solution for Bitcoin, the lightning network utilizes highly specialized channels that enhance the user experience by supporting faster and cheaper transactions. Experts believe this development could be geared toward improving investor sentiment toward Binance, which has recently faced regulatory scrutiny and related FUD surrounding the lawsuit.
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