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Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) stayed lower into the July 30 Asia trading session after a swift rejection at resistance sparked a $4,000 BTC price drop.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/29f891bc-5fc7-4522-8ec0-f95b602dd3fc.png" alt="Bitcoin trader eyes $60K next as bears force fresh BTC price rejection">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-fails-to-clinch-key-support">BTC price fails to clinch key support</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> showed BTC/USD trading around $66,500, circling the daily open.
The day prior had seen volatility throughout, with Bitcoin initially pushing to $70,000 but <a href="https://cointelegraph.com/news/btc-price-dips-us-govt-bitcoin-move-new-sell-off-fears" rel="noopener noreferrer nofollow">failing to hold it</a>&nbsp;— an all-too-familiar <a href="https://cointelegraph.com/news/bitcoin-back-gains-hawkish-fed-bulls-70k" rel="noopener noreferrer nofollow">sequence of events</a> — instead falling by nearly 6% in a matter of hours.
As <a href="https://cointelegraph.com/news/silk-road-bitcoin-moves-two-days-trump-bitcoin-promise" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, the move accompanied $2 billion of BTC leaving a wallet associated with the United States government.
The transaction contrasted with pledges to use the funds to build a Bitcoin strategic reserve made by Presidential candidates at the weekend.
William Clemente, co-founder of crypto research firm Reflexivity, <a href="https://x.com/WClementeIII/status/1817960772863242249" target="_blank" rel="noopener noreferrer nofollow">described</a> the timing as “not a coincidence.”
“Little more short term flush and summer ranging then probably up only,” he <a href="https://x.com/WClementeIII/status/1817952162170740767" target="_blank" rel="noopener noreferrer nofollow">predicted</a> about where BTC price action would head next.
Reacting, Keith Alan, co-founder of trading resource Material Indicators, hoped that bulls could stage a recovery to protect a rising trendline on daily timeframes.
In subsequent commentary on X, he argued that higher levels than those seen this week, specifically $72,000 and above, depended on bulls first flipping the old 2021 all-time high of $69,000 to firm support.
“That's the HH that bulls need to take out before BTC is positioned to go after the ATH, and I do think it will come eventually, but I maintain that we aren't going to see a sustainable move to a new ATH until we validate and R/S Flip at $69k,” he wrote.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/17f092cd-6ea3-4f4b-813e-79314ada374d.png" alt="Bitcoin trader eyes $60K next as bears force fresh BTC price rejection">
 <figcaption style="text-align: center;">Source: Keith Alan
 </figcaption>
</figure>
Popular trader Roman meanwhile focused on near-term BTC price targets, which extended down to $60,000.
Should the market fall to such levels, he forecast, sentiment would force a short squeeze which would allow BTC/USD to return to the upper part of its longer-term trading range.
“Eyeing price targets of 64 &amp; 60k respectively. Showing bear divs with a possible DT reversal setup,” he <a href="https://x.com/Roman_Trading/status/1818069385313141182" target="_blank" rel="noopener noreferrer nofollow">confirmed</a>.
<blockquote>
 “My bet is sentiment gets ultra bearish at these levels then we full send up once again.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/2a56fba3-c51c-4577-89b8-4ba7eb1ea1c4.png" alt="Bitcoin trader eyes $60K next as bears force fresh BTC price rejection">
 <figcaption style="text-align: center;">BTC/USDT chart. Source: Mark Cullen/X
 </figcaption>
</figure>
“After tapping 70K yesterday Bitcoin sold off back into the range I was looking at yesterday,” fellow trader Mark Cullen <a href="https://x.com/mark_cullen/status/1818132327978983482/photo/1" target="_blank" rel="noopener noreferrer nofollow">continued</a> in his own X analysis.
<blockquote>
 “The question now is will the trendline and golden zone retrace hold and create a HL or will $BTC bounce for a LH and roll over to the range low i was looking to get run?”
</blockquote>
<h2 id="bitcoin-traders-up-exchange-withdrawal-size">Bitcoin traders up exchange withdrawal size</h2>
In some of its <a href="https://cryptoquant.com/insights/quicktake/66a8799a00442146d87128cc-Increasing-withdrawal-of-Bitcoin-from-exchanges" target="_blank" rel="noopener noreferrer nofollow">latest analysis</a>, onchain analytics platform CryptoQuant noted what it called “increasing” withdrawals afrom exchanges.
Related: <a href="https://cointelegraph.com/news/us-national-debt-passes-35t-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">US national debt passes $35T — 5 Things to know in Bitcoin this week</a>
Contributing analyst CryptoOnchain noted that the mean amount of BTC per exchange withdrawal transaction was on the rise.
“This is despite the fact that Bitcoin has entered a fluctuation area since February,” they wrote in accompanying commentary.
<blockquote>
 “The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/2ccac950-f8f7-4dce-9a7f-8636c757062b.png" alt="Bitcoin trader eyes $60K next as bears force fresh BTC price rejection">
 <figcaption style="text-align: center;">Bitcoin exchange outflow transaction amount (7-day moving average). Source: CryptoQuant
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin trader eyes $60K next as bears force fresh BTC price rejection

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