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Bitcoin, remained at lower levels during the July 30 Asian trading session after a rapid rejection at resistance triggered a $4,000 Bitcoin price drop. Data from TradingView showed the BTC/USD pair trading around $66,500, surrounding the daily opening. Volatility had been observed throughout the previous day, with Bitcoin initially reaching up to $70,000 but failing to maintain it, instead dropping approximately 6% within a few hours.
What Is Happening on the Bitcoin Front?
This movement coincided with $2 billion worth of BTC exiting a wallet associated with the US government. The transaction contradicted commitments made by presidential candidates over the weekend to use funds to create a strategic Bitcoin reserve. William Clemente, co-founder of the crypto research firm Reflexivity, noted that the timing was not coincidental and expected a bit more short-term bullishness and a summer period, followed by a likely upward price movement.
Keith Alan, co-founder of the trading source Material Indicators, reacted by expressing hope that bulls could achieve a recovery to maintain an ascending trend line on daily time frames. In a subsequent comment on X, he argued that higher levels seen this week, particularly $72,000 and above, depended on bulls first turning the former all-time high of $69,000 from 2021 into solid support:
“I think this will come before bulls position to chase Bitcoin’s ATH level, but I argue that we won’t see a sustainable move to a new ATH level until a R/S Flip at $69,000 is confirmed.”
Details on the Subject
Meanwhile, popular investor Roman focused on near-term Bitcoin price targets extending to $60,000. He predicted that if the market falls to these levels, it would cause a short squeeze allowing the BTC/USD pair to return to the upper part of its long-term trading range:
“I am eyeing price targets of $64,000 and $60,000 respectively. I show bear divs with a possible DT reversal setup. Sentiment will be extremely bearish at these levels, and then we will once again go fully up.”
In some of its latest analyses, the on-chain analytics platform CryptoQuant highlighted what it called increasing withdrawals from exchanges. Contributing analyst CryptoOnchain noted that the average amount of Bitcoin per exchange withdrawal transaction was on the rise:
“The increase in Bitcoin outflows could be a positive sign in terms of the possibility of future price increases and disruption in the volatility area.”
