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Bitcoin fell below $30,000 during the Asian trading session on Friday morning. The cryptocurrency experienced a 1.5% decline on the day, reaching an intraweek low of $29,750.
This marks the first instance this month where BTC has dipped below the $30K threshold, following four distinct rejections at resistance since it surpassed this price point in June 2022.
Prominent analyst Willy Woo remarked that “Mean reversion forces now dominating Bitcoin price action” on July 7.
“Sideways or down is easier than up. Fundamentals suggest we need a phase of cool down to reset things.”
Bitcoin Encountering Significant Resistance
The second major unsuccessful attempt to breach resistance at $31K could lead to the development of a double-top chart pattern. Should this scenario unfold, Bitcoin prices might retreat to support in the high $24K range once more.
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Other analysts have shared the view that additional declines could be forthcoming.
On July 6, Glassnode indicated that short-term holders are exhibiting heightened levels of exchange activity. They have transferred over 617,000 BTC to exchanges in the last three weeks.
Market sentiment also seems to be slightly diminishing. The ‘fear and greed index’ has decreased towards neutral territory at 55, down from a peak of 64 earlier this week.
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Nonetheless, some analysts maintain an optimistic outlook, with Josh Rager forecasting that “pullbacks won’t be this deep now” and that individuals were “overthinking” the idea of a correction to $24K.
Rager noted that this sentiment regarding a $24K correction was quite prevalent, but “people are overthinking it.”
He further stated that if BTC were to revert to $25K again, “it won’t be until later on in the year after more upside before so.”
“With the BlackRock ETF with a real possibility of being approved by mid-August – I lean to more upside before a major pullback. The markets going to do what is going to do but it’s hard to trump the current Bitcoin fundamentals.”
However, these remarks were made while BTC was still trading above $31K.
Elsewhere in Crypto Markets
Crypto markets have experienced an additional 1.3% decline on the day, dropping to $1.21 trillion as the market cools off.
BTC was trading around the $30K mark at the time of writing but had recorded losses for the past four days, apart from a brief spike on July 6.
Ethereum faced an even steeper decline, falling 3.2% to $1,850 at the time of writing, while altcoins were predominantly in the red.
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