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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

What’s Next For Bitcoin Price? Bulls Aren’t Running Out Of Steam Yet

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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After Bitcoin reached a new yearly high at $31,413, the buy side has so far failed to initiate a trend-following move north. Although the bulls fended off a sell-off last Friday in the wake of the SEC’s perceived concerns over a Bitcoin spot ETF approval, the momentum seems to be increasingly flattening, or isn’t it?

What’s Next For The Bitcoin Price?

As the market awaits an approval from the Security and Exchange Commission (SEC) regarding a spot Bitcoin exchange-traded fund (ETF), investors are seemingly exercising caution. While open interest in the Bitcoin futures market continues to rise, activity in the spot market has recently declined.

This shift indicates that price action in recent days has been primarily influenced by futures traders. Analyst @52Skew noted on Twitter, “$BTC Spot CVDs & Delta: Quite a bit of spot still being dumped on the market + no limit chasing today from coinbase buyers. Spot bid liquidity $30.5K.”

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This observation underscores the reluctance of investors in the spot market who may be waiting for a decisive move by the SEC. However, it should be noted that US markets were closed yesterday for the 4th of July holiday. Most recently, huge spot buying volume came from Coinbase, pushing the market up. So today will be interesting to watch if yesterday’s retracement is bought today by US investors.

Bitcoin dominance, which had risen to resistance at 52.15%, has now consolidated somewhat, dropping to 51.25%. This consolidation, combined with the entry of investors into the altcoin sector, reinforces the prevailing wait-and-see attitude among investors.

Analyzing the Bitcoin price, it is clear that the market is currently facing strong resistance in the $31,300 to $31,416 range. The support area at $30,700 is currently proving to be a critical mark to watch. Holding above this support could give buyers the opportunity to launch a renewed offense.

Bitcoin BTC price
Bitcoin price, 2-hour chart | Source: BTCUSD on TradingView.com

If the Bitcoin price can break out dynamically above the year-to-date high, the next major chart hurdle awaits at $32,500. Yet, a temporary retracement to the support area at $29,800 could be acceptable to gain momentum for the next breakout attempt.

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So far, the bears have lacked follow-through. The sell side also failed in its attempt to sell off the BTC price in the higher time frames back below the psychologically important $30,000 level in recent days. The goal of the bears must be to push Bitcoin permanently below $29,800.

Experts Remain Bullish For Now

Renowned analyst Josh Rager believes the pullbacks won’t be as deep as many experts expect, suggesting that ETF approval, particularly from BlackRock, is a real possibility. He says, “Only an ETF rejection can cause pain, but I think BlackRock will be approved this time,” adding:

The $24k, then up sentiment seems to be quite popular. I think people are overthinking it. Similar was said about Bitcoin needing to sweep $20k first. IMO, pullbacks won’t be this deep now and if we manage to see $25k again it won’t be until later on in the year after more upside before so.

Similarly, NewsBTC lead analyst Tony “The Bull” believes in the bullish case for BTC in the near term. However, he stresses the importance of Bitcoin’s Relative Strength Index (RSI) entering overbought territory, as a failure to do so could indicate a lack of strong upside momentum:

I want to see Bitcoin RSI push into overbought conditions by week end, or else I worry that this isn’t an impulse yet. We have a doji on the weekly, which signals indecision. We need to see follow through this week, or more correction becomes more probable w/ possible bear div.

Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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