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Bitcoin: Bulls and bears tussle for $30k 

2min Read

Further upside >$31k could be likely for BTC amidst increased short-term holders in profit and steady demand in the futures market.

Bitcoin: Bulls and bears tussle for $30k 

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • BTC hit a new high in 2023 at $31.4k, but eased slightly at press time. 
  • Short-Term Holder Supply in Profit hit 96.9%. 

Bitcoin’s [BTC] price action has stayed above $30k since 21 June. It graced a new high in 2023 of 31.4k on 23 June but retraced to the $30k zone, trading at $30.2k at the time of writing. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

In other new developments, last week’s upswing saw BTC/Nasdaq decoupling reversed, setting the two into an almost similar trend and syncing as opposed to the negative correlation in April/early June. 

Bears protecting $31k

Source: BTC/USDT on TradingView

BTC graced the $31k zone in mid-April. A retest of the zone has seen bears jealously protect it, prompting a short pullback at press time. At the time of writing, BTC eased to $30.2k, down from its peak of $31.4k on 23 June. 

Bulls are expected to aggressively defend two key immediate support levels – $29.5k and $28.5k, making them potential buying levels if the bullish market sentiment remains intact. A rebound from these levels could see BTC retest $31k or $32k resistance levels. 

There was little historical resistance above $34k; hence a close above it could set BTC to zoom to $37k or 40k price zones. 

Conversely, the first weakening sign of BTC will be a drop below $29.5k. An extended drop below $28.5k will expose $26.6k support to intense shelling. 

In the meantime, the RSI (Relative Strength Index) hit the overbought zone while CMF (Chaikin Money Flow) was above the zero mark – positive buying pressure and capital inflows, respectively.  

Short-term holders in profit, thanks to last week’s rally

Source: Glassnode

According to Glassnode, BTC’s upswing from $25k to over $30k within the last two weeks has seen the percentage of Short-Term Holder Supply in profit swing to 96.9%.

Is your portfolio green? Check out BTC Profit Calculator

The on-chain tracking platform further deduces that such a massive spike in the short-term holders in profit is traditionally preceded by higher price action. 

Despite the short pullback, BTC’s demand in the futures market remained positive, as illustrated by an uptick in Open Interest (OI) rates at the time of writing.

Source: Coinglass


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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