Miners send millions to exchanges — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds.
BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next?
A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data.
Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for several months.
Views among market participants are mixed on the topic, as some believe that $32,000 and higher is easily achievable, while others consider this month the peak of Bitcoin’s 2023 recovery.
Cointelegraph looks at some of the major factors set to influence BTC price performance in the coming days and weeks.
Bitcoin’s weekly close was convenient for bulls, offering only modest volatility, with BTC/USD continuing higher overnight.
The new week saw a visit to $30,850 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView, marking the latest attempt at the $31,000 mark and yearly highs.
Fuel for a trend change remains absent, leading more optimistic traders to wait and see when it comes to upside continuation.
“My Bitcoin plan remains the same,” popular trader Jelle summarized to Twitter followers in part of his latest analysis.
Jelle referred to the 200-week exponential moving average (EMA), which, together with its counterpart simple moving average (SMA), continues to act as market support after a brief challenge in June.
An accompanying chart showed the first major upside target as the current all-time high at $69,000.
Fellow trader Crypto Ed hoped for a push toward $36,000 and even
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