On July 9, Bitcoin and the broader crypto market saw a moderate rally that helped offset some of the losses posted on Thursday, but some analysts continue to warn that BTC could still fall into the $ 24,000-29,000 range in the short term .

Data from Cointelegraph Markets Pro and TradingView show that Bitcoin price was higher during Friday morning trading hours, trying to bounce back above $ 34,100.

Sentiment among traders received a slight boost after Bitcoin price reversed and rebounded towards $ 34,000, but price remains stuck between key support and resistance levels and the lack of buying volume remains a legitimate concern.

Tempting Beef, a trader by the nickname on crypto twitter, also pointed out that overall crypto market cap and altcoin market cap remain in a precarious position.

#Crypto Both total market cap and altcoin market cap failed to break through key pivots and make lower highs. I’m sad.

If we don’t bring it all together, I’m assuming that we’re just like in this possible area with some highlights $ AXS. It can be a boring summer. pic.twitter.com/Ab4eVSCbdo

– Hot beef (@tempting_beef) July 8, 2021

Élie Le Rest, partner of the digital asset management company ExoAlpha, also pointed out that in addition to the “undirected trend” at BTC, the market also recorded a “decline in trading volume”, which harms directional traders. “

Le rest said:

“Within this range we see pumping and dumping, with prices slowly rising before falling quickly, which is typical of illiquid markets.”

Due to market volatility, Le Rest found market participants on the sidelines as they waited for “the Grayscale Trust to stop selling its bitcoins and let China’s regulatory action cool down.”

Le Rest also pointed out that financial regulators around the world are posing for Binance as “a significant problem is diminishing the market’s ability to get the capital inflows needed to break through the $ 40,000”.

According to Le Rest:

“Although these factors have been priced in by the market, we continue to see strong adoption of Bitcoin by traditional money managers looking for a good entry point to position themselves for. Next Step.”

Signs of support over $ 30,000

While it’s true that BTC price fell below the weekly support of $ 34,500, the crypto analyst, nicknamed Twitter Rekt Capital, was quick to point out that the price has found support at a major turnaround. “

connected: Apple co-founder Wozniak says Bitcoin is a miracle and better than gold

A bullish indicator can be identified by a number Analysts is the Bitcoin ‘Net Growth Entity’ index, which has risen to new highs in the past few weeks as the price of BTC fell below $ 40,000.

During times of uncertainty like this, the simple dollar cost averaging strategy is one that even the most experienced traders use to relieve stress and focus on the long-term price outlook.

If the price of bitcoin goes down, I’ll buy more.

If the Bitcoin price goes up, I’ll buy more too.

That is the beauty of dollar cost averaging.

– The wolf of all streets (@scottmelker) July 8, 2021