Bitcoin bulls must now defend the $33,000 support level after losing 5% daily

Bitcoin (Bitcoin) Facing a new loss on July 1st, as attention is focused on the upcoming test of an important support zone.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin has no price breakout

Data from Cointelegraph Markets Pro with Transaction view BTC/USD fell 5% overnight on Wednesday.

As Cointelegraph ReportAt present, the focus is on the area between US$32,300 and US$33,000 to provide flooring. On Thursday, popular trader Michaël van de Poppe reiterated the need to maintain the area.

The currency pair reversed after reaching nearly $36,700, wiping out most of the gains it gained during the rise that began over the weekend.

“It would be great if Bitcoin made higher lows here and flipped $33,000 to gain support to maintain momentum,” he said Say In his latest Twitter update.

Exchange order data broadly supports this argument, with buyer interest at around $32,000. Seller resistance of $37,000 Intact In Binance.

As of July 1, BTC/USD trading positions on Binance. Source: Material Indicators/ Twitter

At the time of writing, BTC/USD is steadily falling to the area of ​​interest, hovering around $33,300.

Waiting for sellers to burn out

Therefore, the current weakness in spot prices continues the “two bitcoin story” scenario that has appeared in the past week or so.

Specifically, the indicators on the chain are generally bullish and insist that the recovery is already underway, while the price trend of BTC Fail to comply.

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Analyst William Clemente (William Clemente) summed up the statistician Willy Woo’s comments on Tuesday and pointed out that the re-accumulation of BTC was the main gain during the price volatility in the past month.

Annotated chart of Bitcoin liquidity supply ratio.Source: Willy Woo/Twitter

Wu You Upload Bitcoin liquidity supply ratio data shows that strong players are accumulating holdings while new investors panic selling.

“I think this chart is the easiest way to visualize what happened behind the scenes last month,” Clement comment.

“Through the recent price drop, stronger players have become more and more and now offsetting the selling of weak players. Now we are waiting for the re-accumulation to be completed-sellers are exhausted.”