Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- BTC hit a new high in 2023 at $31.4k, but dipped slightly as it went to press.
- Short-term shareholder offering in earnings reached 96.9%.
Bitcoins [BTC] price action has remained above $30k since June 21. It reached a new 2023 high of 31.4k on June 23, but retraced to the $30k zone, trading at $30.2k at the time of writing.
Read Bitcoins [BTC] Price prediction 2023-24
In other new developments saw last week’s rebound BTC/Nasdaq decoupling reversedputting the two in an almost similar trend and synchronizing as opposed to the negative correlation in April/early June.
Bears protect $31,000
Source: BTC/USDT on TradingView
BTC graced the $31,000 zone in mid-April. A retest of the zone has seen bears jealously guarding it, leading to a brief retreat at the time of writing. At the time of writing, BTC dropped to $30.2k, down from its peak of $31.4k on June 23.
Bulls are expected to aggressively defend two key immediate support levels – $29.5k and $28.5k, making them potential buy levels if bullish market sentiment remains intact. A recovery from these levels could cause BTC to retest the $31k or $32k resistance levels.
There was little historical resistance above $34k; hence a close above could set BTC to zoom into price zones of $37,000 or 40,000.
Conversely, the first sign of BTC weakening will be a drop below $29.5k. An extended drop below $28.5k will expose $26.6k support to intense shelling.
Meanwhile, the RSI (Relative Strength Index) reached the overbought zone, while the CMF (Chaikin Money Flow) was above zero – positive buying pressure and capital inflows respectively.
Short-term stockholders are making gains on last week’s rally
Source: Glassnode
According to GlasnodeBTC’s rebound from $25,000 to over $30,000 in the past two weeks has pushed the Short-Term Holder Supply win rate to 96.9%.
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The on-chain tracking platform further deduces that such a huge spike in short-term holders in profits is traditionally preceded by higher price action.
Despite the brief pullback, demand for BTC in the futures market remained positive, as illustrated by an increase in Open Interest (OI) rates at the time of writing.
Source: Coinglass