Bitcoin hits new yearly highs as BTC price rebounds to $31.5K
Bitcoin (BTC) reached new 2023 highs on July 6 as a fresh bounce off key support buoyed bulls.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action surging through the top of its recent trading range.
Analysts had previously reckoned on the largest cryptocurrency dropping further, potentially reaching $28,000 to offer a classic “buy the dip” opportunity.
With momentum headed back upward, Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic.
“I hope your long entries are filled on Bitcoin. Looks quite decent here, and I think we'll slowly continue grinding to the upside,” he told Twitter followers.
The uptick came several hours after Larry Fink, CEO of largest global asset manager BlackRock, called Bitcoin an "international asset" and listed several advantages during a live interview.
BlackRock's application to launch the United States' first Bitcoin spot-price exchange-traded fund (ETF) was refiled with regulators this week.
Continuing the analysis, financial commentator Tedtalksmacro was more cautious, warning that derivatives traders could yet influence short-term market direction.
After longs were flushed yesterday, decent spot bid thus far... but perps chasing up here.Predatory range vibes. https://t.co/T7T2iHkeJC pic.twitter.com/0UrmWaWgrj
Zooming out, popular trader John Wick said that there was nothing to fear about Bitcoin's extended consolidation near yearly highs.
Related: Bitcoin analysis agrees BTC price may stall at $35K
#BTC WeeklyNothing but bullish consolidation below the supply zone.Green Dots & green bars above the Track line suggest supply zone most likely going to be overcome.pic.twitter.com/kvWRoIjfUM
Analytics account PlanC was equally hopeful that the current
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