Bitcoin traders want to buy the dip as the price of BTC approaches $30K.
Bitcoin (BTC) is declining as the Wall Street market opens on July 5 due to a risk-off sentiment in US equities.
BTC price begins hitting dip-buying targets
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD has reached multi-day lows of $30,280 on Bitstamp.
The price of BTC continues to trade sideways within a larger range that has been established since mid-June.
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Bitcoin traders are hoping for a drop to provide the necessary momentum to break through the resistance level.
Reached for #Bitcoin . pic.twitter.com/ePhBZET0TW
— Michaël van de Poppe (@CryptoMichNL) July 5, 2023
Popular trader Crypto Ed is keeping an eye on the area around $30,000 or slightly below.
“We’re heading there, will look for reaction from that level,” he wrote on Twitter.
Meanwhile, fellow trader Jelle is looking for an opportunity to buy at a lower price near $28,000.
“As Bitcoin’s daily bearish divergence plays out, I see a potential hidden bullish divergence shaping up,” he revealed along with an explanatory chart.
“If this ends up as just a shallow pullback, that could just provide the juice we need to break through $32,000 once and for all.”
The chart showed Bitcoin’s relative strength index (RSI) printing the bearish divergence referred to.
Bitcoin “bullish market structure” remains
Despite the lack of upward momentum, there is little sign of panic.
Related: Bitcoin analysis agrees BTC price may stall at $35K
Trader and analyst Rekt Capital calls the intraday performance “nothing to panic about” after a strong monthly close.
Nothing to panic about #BTC could dip even deeper for a healthy technical retest to flip old resistance (black) into new support $BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr
— Rekt Capital (@rektcapital) July 5, 2023
“Personally, I am long while we are above $28,000 as we had a super good entry,” trader Crypto Tony continued.
“If you are not yet in a position, I would wait for this dip I am looking for, or a flip of $31,000 resistance zone into support. Those are your two triggers for today.”
Daan Crypto Trades also reiterated that the bullish market structure is still intact.
“On the lower timeframes, the bullish market structure is still intact,” part of his latest analysis read.
“I would consider a 29.5K retest if BTC were to lose the mid-range. Until then, liquidity sits at 31.4-31.5K.”
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