Bitcoin hits new yearly highs as BTC price rebounds to $31.5,000

Bitcoin bulls are rushing beyond the top of the range, but there is already a risk that the BTC price is forming a "predatory range ".< /p> Market Update Join us on social networks

Bitcoin (BTC) hit new 2023 highs on July 6 as a fresh bounce off key support supported bulls.

BTC/USD 1-day chart. Source: TradingView

Bitcoin Analyst Warns of 'Predatory Range'

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action has reached the top of its recent trading range.

Analysts previously expected the biggest cryptocurrency to drop further, potentially hitting $28,000 to provide a classic opportunity to 'buy the dip'.

With a return to the upside, Michaël van de Poppe, founder and CEO of trading company Eight, was optimistic.

“I hope your long entries are filled in on Bitcoin. It looks pretty decent here, and I think we will slowly continue to make progress,” he told his Twitter followers.

"- Breaking and overthrowing $30.8000 will result in rapid upward momentum. - Retesting $30.3000 would again be even for long buys."

BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

The rise came hours after Larry Fink, CEO of the world's largest asset manager BlackRock, called Bitcoin an "international asset" and listed several advantages during a live interview.

App from BlackRock...