Bitcoin (BTC) failed to land $ 33,000 on July 14, as a rebound from multi-day lows allowed only modest progress.
BTC price: adapts and starts below $ 33,000
The pair briefly touched $ 31,750 overnight before a strong rebound hit highs of $ 32,970. This meant that $ 33,000, once firm support, was still out of reach.
For popular trader Michaël van de Poppe, this area starting at $ 32,600 was “critical to cross” for Bitcoin to have a chance of hitting higher targets in its trading range.
“A lot of altcoins do double-bottom testing. Awesome,” he added in his latest Twitter update.
At the time of writing, Bitcoin has circled $ 32,800 following repeated attempts to decipher $ 33,000. Buy and sell levels on Binance showed firmly in place support at $ 30,000, with a resistance band at $ 33,000 that nonetheless slowly fades away.
Strong hands quietly collect cash
Expectations were high the day before a high-profile “Bitcoin bill” was presented to the government of Paraguay. Although information on the legislation is sketchy, optimists hope that the country will seek to follow El Salvador and make Bitcoin legal tender.
In a new analysis, however, William Clemente suggested that there might be a “lag” in the price response.
“Vice versa. Price can sometimes lag behind the accumulation flows. For example, in January or September 2020, we had a bullish split, not this size though,” he said in Twitter Comments.
“Also note: we had one in March 2020, but macro forces can obviously prevail.”
Clemente highlighted a graph of Bitcoin’s cash supply ratio (LSR), a metric now signaling the movement of BTC to those with little history of selling.
“Nothing has changed, the supply shock is still in play,” he said, referring to the halving of global grants last year.