Bitcoin price is returning to the “critical” pivot zone as $ 33,000 remains unaffected
Bitcoin (BTC) failed to break the $ 33,000 mark on July 14 as its rally from multi-day lows brought only modest progress.
BTC Price: Fits in and starts under $ 33,000
Data from Cointelegraph Markets Pro and TradingView tracked another day of fluctuations – albeit with increased volatility – for BTC / USD on Wednesday.
The pair briefly hit $ 31,750 overnight before a strong rebound hit a high of $ 32,970. This means $ 33,000, once solid support, is out of reach.
For popular trader Michaël van de Poppe, this zone of $ 32,600 and more is “very important to break” in order to give Bitcoin a chance to hit targets in its trading range.
“Many altcoins do double bottom tests. It’s great, ”he added in his latest post Update Twitter.
At the time of writing, Bitcoin was hovering around $ 32,800 after several attempts to crack $ 33,000. Buy and sell levels on Binance has shown solid support at $ 30,000 but the resistance is slowly easing at $ 33,000.
Strong hands calmly take liquidity
Expectations were high the day before the Paraguayan government was presented with a highly regarded “Bitcoin law”. While information about the law is sketchy, optimists hope the country will find a way to follow El Salvador and make Bitcoin legal.
Aside from network fundamentals, at the time of writing there is little else for bulls to use as a congregation of investors large and small is showing up in action.
Related: Great Buy? Bitcoin is trading at a record 59% below the BTC warehouse-to-stream pricing model
However, in his new analysis, William Clemente suggested that there might be “latency” in the price reaction.
“On the contrary. The price can sometimes lag behind the accumulation line. For example, we had an inflated div in January or September 2020, albeit not nearly that size,” he said in Comment on Twitter.
“Also note: we had one in March 2020, but macro forces can clearly override this.”
Clemente highlighted a chart of Bitcoin’s Liquid Supply Ratio (LSR), a metric that currently signals BTC movements for those with low sales history.
“Nothing has changed, the supply shock is still ongoing,” he said, referring to the halving of block subsidies last year.