Bitcoin Stuck in the Sideways

Author & Guarantor: Anton Yurchenko

The Bitcoin rate has not gone beyond the trading range of $ 30,000-40,000 for a long time.

There is almost no fundamental news, and the market seems to be stagnant. Thus, investors are following the news about the July unblocking of 40 thousand BTC to secure the shares of the Grayscale Bitcoin Trust.


Business says that there will be no influence on the quotes of the digital guy, but who knows how the market will actually behave. It’s regardless of Bitcoin rising by $1K within 20 minutes yesterday, as we informed you.

According to Glassnode and observations by, there is still movement in cryptocurrencies: traders withdraw 2 thousand BTC daily in the amount of over $ 66 million to the wallets of third-party services. Parallels are immediately drawn with the April events, when the outflow of cryptocurrencies from exchanges was more than noticeable, but the price also grew to highs. In May, by the way, the situation changed: coins began to be returned to the exchange for sale, prices went down.

The technical picture does not change much: the nearest significant resistance level is located at $ 36,000, support is held at $ 33,000 and $ 30,000, respectively. In the event that the price goes below $ 30 thousand, the “bears” will lead Bitcoin to $ 20,000. In the meantime, the main scenario is “sideways”, which is still receiving confirmation.

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