BTC/USD stays at $19,000 for a third daywritten by Bella Palmer
The previous weekend’s action had produced a late surge which saved bulls from a close below $20,000
Bitcoin (BTC) meandered into the weekly close on July 3 after weekend trading produced a brief drop below $18,800.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it stuck to $19,000 rigidly for a third day running.
The pair had gone light on volatility overall at the weekend, but currently it is still on track for the first weekly close below its prior halving cycle’s all-time high since December 2020.
The previous weekend’s action had produced a late surge which saved bulls from a close below $20,000.
Momentum remained weak throughout the following week’s Wall Street trading, however, and traders were unconvinced about the potential for a significant relief bounce.
Looking for a push down to the lower support zone at $18,000 while we are below $19,300. Quick scalp and tight invalidation, popular Twitter account Crypto Tony wrote in an update to followers on the day.
I can’t really trust this move because it's ‘weekend pa,’ fellow account Ninja continued in part of a further post, adding that ‘if bulls can’t push to $19.7k, I don’t think the dump is over.’
Up or down, incoming volatility was being keenly eyed by commentators as the weekly close drew near. Popular analyst Matthew Hyland noted that the Bollinger bands indicator was signalling that price conditions would soon become more erratic.
On daily timeframes, BTC/USD traded near the bottom Bollinger band, threatening a drop below as an expression of volatility similar to that which occurred in May.
According to on-chain monitoring firm Glassnode, the weekly moving average number of unique BTC addresses now at a loss reached a new all-time high of 18.8 million on July 3.
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