3 Reasons Why Bitcoin Price Is Ready To Hold The $30,000 Level As Support

Bitcoin price showed weakness near the $30,000 level, but several data points highlight the fact that the bears remain disadvantaged.

Bitcoin price returned some of its recent gains this week, but several data points suggest that $30,000 should hold as support going forward.

Bitcoin (BTC) remained in a narrow range of 4.3% for the 15 days leading up to July 7. Despite the proximity of the $29,895-$31,165 range, investor sentiment was significantly affected by a failed attempt to breach the $31,400 mark in July. 6.

Traders' tendency to overreact to short-term price movements rather than Bitcoin's 82% year-to-date gains could partially explain the short-term correction. This same reasoning applies to events related to other cryptocurrencies.

At the forefront of investor concerns is whether recent price increases have been driven solely by multiple requests for spot Bitcoin exchange-traded funds (ETFs).

Other pressing developments include Binance chief strategy officer Patrick Hillmann and other senior compliance officials who reportedly left the exchange on July 6 following CEO Changpeng Zhao's response to the investigation of the United States Department of Justice. On June 29, the crypto exchange also notified users that its Euro bank payment gateway would cease services by September, potentially halting SEPA bank transfer deposits and withdrawals.

Meanwhile, the yield curve reached its deepest inversion since 1981 on July 3, reflecting the 4.94% yield on the two-year note versus the 10-year note trading at 3.86%, the opposite of what is expected in the longer term. -term bonds. The phenomenon is closely followed by investors, as it preceded past recessions.

All these events are like...