Bitcoin price returns to the “critical” pivot zone as the $33,000 remains unchanged

Bitcoin (Bitcoin) Failed to break through $33,000 on July 14 because the rebound from the multi-day low made only moderate progress.

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

BTC price: suitable and less than USD 33,000

Data from Cointelegraph Markets Pro with Transaction view Track another day Ranging -Despite increased volatility-BTC/USD on Wednesday.

The currency pair briefly touched US$31,750 overnight, and then rebounded sharply, hitting a high of US$32,970. This means that $33,000, once received firm support, is still out of reach.

For popular trader Michaël van de Poppe, this area starting from $32,600 is the “key to breakthrough” so that Bitcoin has the opportunity to reach higher targets within its trading range.

“Many altcoins are undergoing double bottom testing. Great,” he added in the latest news Twitter update.

At the time of writing, Bitcoin hovered at $32,800 after repeated attempts to crack $33,000. Buy and sell levels The USD 30,000 support on Binance is solid, and the resistance band of USD 33,000 is still slowly fading.

BTC/USD trading level (Binance) as of July 14. Source: Material Indicators/ Twitter

Strong hands steal liquidity quietly

The day before the widely known “Bitcoin Act” was submitted to the Paraguayan government, expectations were high.Although the information about the legislation is sketchy, optimists hope The country will seek to emulate El Salvador and make Bitcoin a legal tender.

exceed Network foundation, At the time of writing, the bulls have almost nothing else to use, and investors have accumulated big and small It has not yet been shown in price movements.

related: Big buy? Bitcoin’s transaction price is 59% below the BTC price model target

However, in the new analysis, William Clement believes that there may be a “lag” in the price response.

“The reverse is also true. Prices sometimes lag behind accumulated flows. For example, in January or September 2020, we had a bull market dividend, although not close to this scale,” he said Twitter comments.

“Also note: we have one in March 2020, but the macro force can obviously go beyond this.”

Annotated chart of Bitcoin liquidity supply ratio.Source: William Clement/Twitter

Clement highlighted the Bitcoin Liquid Supply Rate (LSR) chart, which now signals the trend of BTC to those with little history of selling.

“Nothing has changed, and the supply shock is still playing out,” he said, referring to the halving of the bulk subsidies last year.

“The LSR shows that the behavior of Bitcoin reabsorbed by strong players will only continue to make a greater difference with the price. The exchange has also fallen by -21,829 BTC in the past two weeks; the accumulation trend in these flows is also obvious.”