What you need to know in Bitcoin this week

Bitcoin has started the first week of July on a positive note, holding strong at the $30,000 support level. Despite a 20% gain in Q2, the cryptocurrency continues to face resistance as traders await potential triggers for volatility that could push Bitcoin past its long-standing resistance levels.

Opinions among market participants are divided. Some believe that Bitcoin has the potential to breach $32,000 and even higher, while others view this month as the peak of Bitcoin’s recovery in 2023.

Analysts are closely monitoring BTC price performance and key factors that could influence its movement in the coming days and weeks.

Short-term price targets for Bitcoin range up to $40,000, with analysts cautiously optimistic about a potential bull market. Traders are closely observing the 200-week exponential moving average (EMA), which has acted as a strong support level and a key indicator for market structure.

Bitcoin whales, who have been distributing their holdings in the $30,000 range, have also been instrumental in maintaining the current price range, according to on-chain monitoring resources.

While the macroeconomic climate is expected to be relatively calm in the United States due to the Independence Day holiday, attention is turning to the U.S. banking sector. Regional banks are facing challenges, and even major institutions like Bank of America are incurring losses from bond purchases. This has led to discussions around central bank and fiat crises.

Bitcoin miners are also making their mark, with a significant increase in the amount of BTC being sent to exchanges. This trend indicates that miners are taking advantage of the price above $30,000 to sell their holdings. However, overall miner balances have been gradually increasing since the beginning of the year.

Despite potential selling pressure from miners, long-term Bitcoin holders are refusing to sell their positions, resulting in a high amount of illiquid BTC supply. This conviction is reflected in sentiment data, which shows that market participants are still indecisive about the direction of Bitcoin’s price.

As Bitcoin continues to navigate its key resistance levels, the market remains in a state of uncertainty, with sentiment swinging between fear and greed. Both Bitcoin and Ether face challenges in reclaiming their respective resistance levels, and the Crypto Fear & Greed Index reflects the cautious sentiment among investors.

With various factors at play, including support levels, macroeconomic events, miner activity, and investor sentiment, the cryptocurrency market awaits a clear catalyst that could determine the next major move for Bitcoin.

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