• Bitcoin (BTC) is headed lower on July 5th as its price action teases a slow comedown to support.
• Traders are ready to “buy the dip” at areas like $30,000 or $28,000.
• Despite the lack of upside momentum, analysts maintain that this is not anything to be alarmed about.
Bitcoin Price Action Teases Drop
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood entered United States equities. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 on Bitstamp. BTC price action continued a sideways trading pattern within a larger range in place practically since mid-June.
Traders Ready To ‘Buy The Dip’
Popular trader Crypto Ed has his eye on the area at $30,000 or just below on the day. Fellow trader Jelle looks for an opportunity to “buy the dip” nearer $28,000 — already a popular target for doing so. His chart shows Bitcoin’s relative strength index (RSI) printing what he believes is a potential hidden bullish divergence forming up which could provide enough juice to break through $32,000 once and for all if it ends up being only a shallow pullback.
No Panic Amid Lack Of Upside Momentum
There was little sign of panic despite the lack of upside momentum with trader and analyst Rekt Capital calling it “nothing to panic about” while fellow trader Crypto Tony declared his long position while prices remain above $28,000 due to good entry points when looking at technical analysis.
Long Term Bullish Market Structure Remains Intact
Despite short term downward pressure traders remain confident that Bitcoin will find its way back up with strong monthly close giving confidence in its underlying bullish market structure remaining intact . They believe this intraday performance creates healthy technical retest opportunities and should not be taken too seriously in terms of long term outlooks .
Overall traders remain hopeful that dips will offer buying opportunities allowing bulls to get back into positions with some believing this may be their chance to break through $32,000 once and for all . While short term bearishness exists there is no cause for alarm as analysts view this as part of constructing necessary support levels before pushing higher again .