Bitcoin ( ) did not reach $33,000 on July 14, as a rebound from multi-day lows made only minimal progress.
BTC Price: Starts below $33,000
Data from TradingView and Cointelegraph Markets Pro showed that Wednesday's range was still active, but with higher volatility for BTC/USD.
After briefly touching $31,750 overnight, the pair saw a sharp rebound that produced highs of $32,970. The pair was still far from $33,000, despite having established support.
Michael van de Poppe, a well-known trader, said that this area from $32,600 to $44,600 was crucial to break in order for Bitcoin's trading range to reach higher targets.
"Many altcoins make double bottom tests. He added the following Twitter update.
After repeated attempts to crack $33,000, Bitcoin was at $32,800 at the time of writing. Binance's buy and sell levels showed support at $30,000 with a resistance band of $33,000 slowly receding.
Liquidity is quietly seized by strong hands
The anticipation was high ahead of the presentation of the "Bitcoin bill", which has been widely publicized, before Paraguay's government. Although information regarding the legislation is sketchy, optimist believe that the country will follow El Salvador's lead and make Bitcoin legal tender.
Bulls had little leverage beyond network fundamentals at the time this article was written. However, large and small investors have yet to see price action as a result of their accumulation.
William Clemente, however, suggested that there might be a "lag” in the price response.
"Vice versa. Sometimes accumulation flows can be delayed by price. In Twitter comments, he stated that there was a bull div in January and September 2020.
"Also, to be noted: We had one in March 2020. However, macro forces can clearly override this."
Clemente provided a chart showing Bitcoin's liquid supply ratio, (LSR) which is a measure that signals movement for those who have not sold in the past.
He said that "Nothing has changed", referring to last year's block subvention halving.
LSR indicates that the price of Bitcoins is continuing to diverge from its action by strong hands. Also, exchanges fell -21.829 BTC over the past 2 weeks. This is a clear sign of accumulation in these flows.