Bitcoin, the popular cryptocurrency, experienced a battle between buyers and sellers around the $31,000 mark on July 4 due to the closure of the United States market, which created a chance for price volatility. Data from reliable sources indicated that the price of Bitcoin attempted to solidify gains made overnight.
However, the price reached a peak near $31,400 and then lost momentum, resulting in BTC/USD remaining within a narrow trading range.
Although Bitcoin has not reached any new highs this year, traders and investors on shorter timeframes remained optimistic based on recent market behavior.
A trading suite called DecenTrader even suggested that Bitcoin appeared bullish across various timeframes according to one of its proprietary trading tools.
Philip Swift, the co-founder of DecenTrader and creator of an on-chain data resource called LookIntoBitcoin, expressed his belief that the market was preparing for an upward surge.
Michaël van de Poppe, the founder and CEO of trading firm Eight, predicted that significant gains would only occur once BTC/USD surpassed $32,500 and established new highs.
He summarized the current situation by saying, “Bitcoin is consolidating well at the moment, having reached some highs but lacking acceleration. The actual acceleration will happen once the price goes above $32,500. Until then, it will continue to gradually progress.”
Others maintained the view that Bitcoin’s price would decline in the second half of 2023 after reaching a midterm peak. An increasingly popular target for the year’s highest price is in the mid-$30,000 range.
A well-known trader shared a fresh analysis, stating, “The longer Bitcoin remains above $25,000 on a larger scale, the more I believe we have reached a significant bottom. However, I still anticipate a larger drop later this year, likely forming part of a broader accumulation zone.”
Additionally, there has been a notable increase in the holdings of small Bitcoin wallets, known as “shrimp,” which hold less than 1 BTC. These wallets are currently accumulating over 33,000 BTC per month. This monthly increase stands out as one of the largest recorded changes in position.
Overall, the number of coins held by the “shrimp” class has reached a total of 1.33 million BTC.