Bitcoin traders hope to 'buy the dip' as BTC price heads toward $30K
Bitcoin (BTC) headed lower into the July 5 Wall Street open as a risk-off mood entered United States equities.
BTC/USD 1-day chart. Source: TradingViewBTC price begins hitting dip-buying targets
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.
With no discernible progress toward breaking topside resistance, Bitcoin traders hoped that a sweep of the lows would provide the fuel bulls needed.
Reached for #Bitcoin. pic.twitter.com/ePhBZET0TW
— Michaël van de Poppe (@CryptoMichNL) July 5, 2023Popular trader Crypto Ed had his eye on the area at $30,000 or just below on the day.
“We're heading there, will look for reaction from that level,” he wrote in part of Twitter commentary.
BTC/USD annotated chart. Source: Crypto Ed/TwitterFellow trader Jelle meanwhile looked for an opportunity to “buy the dip” nearer $28,000 — already a popular target for doing so.
“As Bitcoin's daily bearish divergence plays out, I see a potential hidden bullish divergence shaping up,” he revealed alongside an explanatory chart.
“If this ends up as just a shallow pullback, that could just provide the juice we need to break through $32,000 once and for all.”The chart showed Bitcoin’s relative strength index (RSI) printing the bearish divergence referred to.
BTC/USD annotated chart with RSI. Source: Jelle/TwitterBitcoin "bullish market structure" remains
There was little sign of panic despite the lack of upside momentum.
Related: Bitcoin analysis agrees BTC price may stall at $35K
Trader and analyst Rekt Capital, following a strong monthly close, called intraday performance "nothing to panic about."
Nothing to panic about#BTC could dip even deeper for a healthy technical retest to flip old resistance (black) into new support$BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr
— Rekt Capital (@rektcapital) July 5, 2023"Personally i am long while we are above $28,000 as we had a super good entry," trader Crypto Tony continued.
"If you are not yet in a position, i would wait for this dip i am looking for, or a flip of $31,000 resistance zone into support. Those are your two triggers for today."
BTC/USD annotated chart. Source: Crypto Tony/TwitterDaan Crypto Trades likewise reiterated that the bullish status quo was still valid.
"On the lower timeframes, the bullish market structure is still in tact," part of his latest analysis read.
"I would consider a 29.5K retest if $BTC were to lose the mid range. Until then, liquidity sits at 31.4-31.5K."
BTC/USD annotated chart. Source: Daan Crypto Trades/TwitterMagazine: 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.