The bulls now have to defend the USD 33,000 support after losing 5% daily

Bitcoin (BTC) suffered fresh losses on July 1 as attention focused on an upcoming test of a key area of ​​support.

No price breakout for Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD falling 5% overnight on Wednesday.

As Cointelegraph reported, the eyes are currently in a range between $ 32,300 and $ 33,000 to form a floor. On Thursday, prominent trader Michaël van de Poppe reiterated the need to keep this zone.

The pair reversed course after hitting near $ 36,700, undoing most of the gains it made during the rally that began over the weekend.

“It would be nice if Bitcoin hits a higher low here and climbs to $ 33,000 to keep the momentum going,” he said. speak in his latest Twitter update.

Exchange order book data has largely supported the thesis, with buyer interest on the order of around $ 32,000. $ 37,000 seller resistance Still intact on Binance.

At the time of writing, BTC / USD is steadily declining towards the area of ​​interest around $ 33,300.

Wait until the seller is empty

The current weak spot price thus continues the scenario of the “two bitcoin story” that emerged last week.

In particular, the on-chain indicators are showing an upward trend confirming that a recovery is already underway while the BTC price action is non-compliant.

Related: Biggest Mining Difficulty Drop Ever: 5 Things To Watch For Bitcoin This Week

In the summary comments by statistician Willy Woo on Tuesday, analyst William Clemente pointed out that BTC replenishment is the main attraction of last month’s volatile price period.

Wow nice uploaded Bitcoin’s liquid supply ratio data shows that strong hands have increased their positions while new investors have been sold in a panic.

“Imo this chart is the easiest way to visualize what has happened in the last month,” Clemente commented.

“Strong hands that have risen due to the recent drop in prices are now compensating for sales from weak hands. Now we wait until the new accumulation is complete – the sellers are exhausted. “