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Bitcoin (BTC): a new DIP could arise! July 10 technical analysis

Tue 11 Jul 2023 ▪ 3 min of reading ▪ by Fitah
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BTC continues to hold in the $30,000 to $31,000 range. Large investors seem to remain optimistic and continue to accumulate. The long-term price trend for bitcoin (BTC) remains bullish, although a new DIP cannot be ruled out. Short-term selling could be attractive.

Bitcoin DIP

The accumulation of large investors continues

The price of BTC is stagnating at around $30,000 after an explosive 25% rise. This slowdown is mainly due to profit-taking and the difficulties encountered by the major exchanges.

Despite this, bitcoin (BTC) whales and sharks continue to expand their portfolios. Indeed, these large investors have accumulated an additional 71,000 BTC since June 17, according to Sentiment data. These massive purchases, worth $2.15 billion, should exert upward pressure on the crypto’s price. It also indicates a high level of confidence on the part of these investors, despite the slowdown in the uptrend.

Bitcoin DIP
Bitcoin (BTC) whale accumulation – source: Santiment on Twitter

What’s more, the price structure of bitcoin (BTC) remains bullish on a daily basis. As long as the price continues to form higher and higher highs and lows, the trend remains bullish. However, it is possible that Bitcoin could experience a new DIP below $29624 before resuming its uptrend.

A slight pullback in Bitcoin (BTC) before a bullish recovery?

Many investors are predicting an explosive July for BTC, which is entirely plausible given the accumulation of whales and the growing interest of financial institutions in Bitcoin ETFs. However, before that happens, a slight correction in bitcoin (BTC) could take place.

Bitcoin DIP
Daily Bitcoin (BTC) chart – source: TradingView

Indeed, the break of the low at $30189 suggests a continuation of the downtrend in the short term. If this hypothesis is confirmed, BTC could fall below the double bottom at $29,626. Then, a bullish recovery could be envisaged once the price has broken through this level. In this scenario, it could be worth selling at $30,662 in the short term. In the event of a very bearish scenario, the target for this sell position on bitcoin (BTC) would be support at $28,331.

Entry: 30 662 $ ;

Stop : 30 941 $ ;

Target 1: 29 626 $ ;

Target 2: 28 331 $.

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Fitah avatar
Fitah

Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.