Bitcoin (BTC<\/a>) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed what one analyst called “boring” BTC price action into the new trading week.<\/p>\n After an equally quiet weekend, BTC\/USD showed no signs of volatility amid a lack of catalysts for change across risk assets.<\/p>\n Twenty-six days within this range for #Bitcoin<\/a>, <\/p>\n Boring. pic.twitter.com\/JghJp1dCCQ<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) July 17, 2023<\/a><\/p><\/blockquote>\n \u201cThe market is in flux, and both camps are fighting for dominance,\u201d on-chain monitoring resource Material Indicators wrote<\/a> in part of its latest analysis, referring to a battle between Bitcoin bulls and bears. <\/p>\n \u201cEverytime bears start to get some momentum, bulls replenish support at $30k. IMO, still too soon to declare a confirmed bull breakout, quite simply, because we haven’t even had a legit test of resistance. Time for patience and discipline.<\/p><\/blockquote>\n Material Indicators co-founder, Keith Alan, suggested that should $30,000 be lost, Bitcoin could find support at key trend lines such as the 200-week moving average at $27,000. This chimed with existing predictions from popular traders<\/a> Cointelegraph reported on earlier.<\/p>\n Traders Skew and Daan Crypto Trades meanwhile noted a “heavy divergence” between spot and derivatives markets, with sellers apt to get the upper hand short term.<\/p>\n #Bitcoin<\/a> Pretty heavy divergence between perps and spot here.<\/p>\n Perps pushing up while spot seems to be selling off. pic.twitter.com\/Rhn8PuDlyP<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) July 17, 2023<\/a><\/p><\/blockquote>\n shorts pushing here, this is where sellers should gain control over market direction <\/p>\n contrarian view is shorts get trapped at lows (buyers step in = absorbing sell pressure) $BTC<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) July 17, 2023<\/a><\/p><\/blockquote>\n “Clear bias for me here,” trader CJ continued<\/a> alongside a chart with a short-term relief target between $30,000 and $31,000. <\/p>\n “Spike into inefficiency and reject – will expect range lows at least, if not breakdown from this range. Reclaim inefficiency (and thus, April high) then we have a solid recovery and we are so back again.”<\/p><\/blockquote>\n Elsewhere, concerns over Bitcoin’s retreating crypto market dominance played on the minds of market participants.<\/p>\n Related: Will bitcoin catch up? BTC price was $40K when the dollar was previously this weak<\/a><\/em><\/strong><\/p>\n Popular trader Jibon called the dip below 50% dominance “not good” for BTC, while in his latest market update<\/a>trading firm QCP Capital tied US regulatory events to even lower dominance to come.<\/p>\n $BTC.D<\/a> losing 50% Dominance Support. That’s not good for $BTC<\/a>, Let’s see what happens next. https:\/\/t.co\/xRiQfjTnKT<\/a> pic.twitter.com\/eLr2CglpD6<\/a><\/p>\n \u2014 Trader_J (@Trader_Jibon) July 16, 2023<\/a><\/p><\/blockquote>\n Bitcoin dominance, it wrote “is likely to break its recent uptrend and move lower again, at least until the BTC physical ETF decision, or when macro factors take over again.”<\/p>\n Last week’s legal rebuke<\/a> of the Securities and Exchange Commission (SEC) over allegations that sales of altcoin XRP (XRP<\/a>) represented unregistered securities was a mixed blessing for investors, it said.<\/p>\n Bitcoin, which QCP described as “being set up as the ‘anti-security’ coin,” could stand to lose to altcoins thanks to returning US investor confidence.<\/p>\nBitcoin traders line up with downside targets<\/h2>\n
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Bad news for Bitcoin dominance?<\/h2>\n
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