Bitcoin 'full breakout' not here yet as BTC price spends month at $30K
Bitcoin (BTC) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next.
Data from Cointelegraph Markets Pro and TradingView followed what one analyst called “boring” BTC price action into the new trading week.
After an equally quiet weekend, BTC/USD showed no signs of volatility amid a lack of catalysts for change across risk assets.
Twenty-six days within this range for #Bitcoin. Boring. pic.twitter.com/JghJp1dCCQ
“The market is in flux, and both camps are fighting for dominance,” on-chain monitoring resource Material Indicators wrote in part of its latest analysis, referring to a battle between Bitcoin bulls and bears.
Material Indicators co-founder, Keith Alan, suggested that should $30,000 be lost, Bitcoin could find support at key trend lines such as the 200-week moving average at $27,000. This chimed with existing predictions from popular traders Cointelegraph reported on earlier.
Traders Skew and Daan Crypto Trades meanwhile noted a “heavy divergence” between spot and derivatives markets, with sellers apt to get the upper hand short term.
#Bitcoin Pretty heavy divergence between perps and spot here.Perps pushing up while spot seems to be selling off. pic.twitter.com/Rhn8PuDlyP
shorts pushing here, this is where sellers should gain control on market direction contrarian view is shorts get trapped at lows (buyers step in = absorbing sell pressure) $BTC
"Clear bias for me here," trader CJ continued alongside a chart with a short-term relief target between $30,000 and $31,000.
Elsewhere, concerns over Bitcoin’s retreating crypto market dominance played on the minds of market participants.
Related: Will Bitcoin catch up? BTC price was $40K when the dollar was previously this
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