Bitcoin analyst flags $32.5K launchpad zone for BTC price

Bitcoin ( $77,372.00 ) (BTC) bulls fought for $31,000 on July 4 as a United States market closure offered the chance for volatility.

Bitcoin ( $77,372.00 ) price “getting ready to rip higher”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement overnight gains.

These topped out near $31,400 before momentum waned, leaving BTC/USD still within a narrow trading range.

Despite no new yearly highs yet, market participants were bullish on lower timeframes based on recent behavior.

Trading suite Decentrader even argued that Bitcoin ( $77,372.00 ) was “looking bullish across virtually all time frames” on one of its proprietary trading tools.

“Feels like the market is getting ready to rip higher,” Decentrader co-founder Philip Swift, creator of on-chain data resource LookInto Bitcoin ( $77,372.00 ) , added on the day.

Michaël van de Poppe, founder and CEO of trading firm Eight, forecast that rapid gains would only kick in once BTC/USD had passed $32,500 to mark new highs.

“Good consolidation on Bitcoin ( $77,372.00 ) here. Swept some highs, but no acceleration,” he summarized.

“The actual acceleration will occur above $32,500. Until then it’s just a slow grind.”

Others continued a narrative calling for lower levels to reappear in the second half of 2023, after a midterm top. As Cointelegraph reported, an increasingly popular target for the year’s highs focuses on the mid-$30,000 range.

“The more time than passes with Bitcoin ( $77,372.00 ) holding above $25,000 on the macro level, the more i am leaning towards a macro bottom being in,” popular trader Crypto Tony wrote in part of fresh analysis on the topic.

“I still believe we see a bigger drop later this year, but likely to be a part of a bigger accumulation zone.”

Small entities snap up BTC supply

The latest on-chain figures from analytics firm Glassnode meanwhile revealed ongoing accumulation among the smaller entities on the Bitcoin ( $77,372.00 ) investor spectrum.

Related: Miners send millions to exchanges — 5 things to know in Bitcoin ( $77,372.00 ) this week

These “shrimp,” defined as wallets containing less than 1 BTC, are currently increasing their holdings by over 33,000 BTC per month on a rolling basis.

According to Glassnode, the data stands out, “with only 130 / 5263 (2.5%) trading days recording a larger monthly position change.”

“This brings the total coins held by the Shrimp class to 1.33M BTC,” it added.

Magazine: How smart people invest in dumb memecoins: 3-point plan for success

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.