Bitcoin price is struggling to stay afloat, if not increase, in a tight band of $32K – $33K. The entire market is torn on whether the next price moment will be a leg up or a leg down, while BTC is seeking to find support to cement and surge higher.
The flagship currency has been trading well below $35,000 and remains at risk of a larger decline if it breaks the $32,000 support zone.
BTC volume in July has been significantly low. Just in the last 2 weeks, two lowest volume days have been marked. This, paired with the long consolidation phase, has many traders expecting a big move in the near future.
Adding to the distress is GBTC shares unlock. The $550 million GBTC shares unlock set to happen this Sunday, has made many traders cautious.
Although the BTC price moment has been indecisive, there are some indicators supporting the bullish narrative.
For starters, Net Exchange Inflows is hinting that large investors are moving in and buying BTC. The chart is showing a significant outflow of thousands of BTC each hour.
Next is, silent accumulation by the whales. It was reported that a BTC whale with the 3rd largest wallet added 122 BTC increasing total holdings of BTC to 116,122 BTC worth $3.7Billion.
Surprisingly, this whale group had been buying bitcoin around the $30-31K support level for the past two months.
The Key Levels to Hold for BTC
Popular Analyst Micheal Van De Poppe in a recent Tweet pointed out the key resistance level to breach in order to continue an uptrend.
He says an upward momentum is only possible if the critical $32.6K is breached.
If BTC manages to do so, $34.5K will be the next pitstop, he added.
At the time of writing, BTC is trading at $32,608 down by 1.4% in the last 24 hours. The support levels are at $32,000 and $31500. Meanwhile, the resistance levels stand at $32,800 and $33,000.
As for the metrics, Hourly MACD is slowly moving into the bullish zone. The RSI is below 50 levels.