Bitcoin Traders Brace for Potential $30K Loss: Insights for the Upcoming Week 
Bitcoin’s short-term price performance is causing concern among market participants, but there are indications of broader accumulation of Bitcoin. 
Bitcoin’s price action is generating frustration among traders as it remains trapped within a multi-month trading range without a clear direction. 
On smaller timeframes, Bitcoin lacks a definitive trend and has been oscillating between upsides and downsides, unable to determine whether bulls or bears will prevail. 
This repetitive struggle has persisted despite various factors such as macroeconomic data, institutional involvement, and other catalysts attempting to influence the market. 
However, the absence of significant data-driven risk asset catalysts from the United States or the Federal Reserve in the coming week may not be a significant issue. 
On-chain data for Bitcoin suggests a phase of re-accumulation among investors, possibly indicating a “calm before the storm” scenario before a significant market movement. 
The overall sentiment in the crypto market is currently categorized as “neutral” according to the Crypto Fear &amp; Greed Index, reaching its lowest point for July. 
This article delves into these factors and more, aiming to identify potential triggers for Bitcoin’s price in the week ahead. 
Bitcoin’s weekly candle close showed a lack of volatility, with the support level at $30,000 remaining unchallenged. 
The cryptocurrency continues to trade within a narrow range that has been in place for several weeks, prompting some traders to anticipate a potential downward move towards $29,500. 
There is growing consensus among traders that Bitcoin may see new local lows if bulls fail to break the trading range in the near future. 
The Relative Strength Index (RSI) for Bitcoin is currently experiencing a battle between bulls and bears, with a recent bearish divergence suggesting further uncertainty. 
While the upcoming week lacks significant data releases from the United States, market attention will be on tech firm earnings and jobless claims. 
The Federal Reserve’s decision on interest rate hikes, scheduled for two weeks from now, adds to the potential for volatility in the near future. 
The U.S. Dollar Index (DXY) is worth monitoring as it attempts to regain the 100 mark, which could have implications for Bitcoin as it previously exhibited an inverse correlation with DXY. 
On-chain data indicates a resurgence of Bitcoin whales, with large holders increasing their holdings, reflecting a classic pattern seen in previous bull markets. 
Analysts also note that a significant portion of Bitcoin’s supply has moved near the $30,000 price point, indicating strong interest from investors. 
The sentiment among crypto market participants, as measured by the Crypto Fear &amp; Greed Index, is currently in a neutral zone but at its lowest level for July. 
Extreme levels of fear or greed often serve as leading indicators for market rebounds or retracements. 
Overall, traders are preparing for potential losses in the range of $30,000, but there are signals of accumulation and market interest that may shape Bitcoin’s future movements.

Bitcoin Traders Prepare for $30K Setback: Key Insights for the Week Ahead

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