The price of Bitcoin will be giving back some of the recent gains this week, but multiple points of data have suggested that the price resistance of $30,000 should be holding as support going forward. The cryptocurrency remained within a shallow range of 4.3% for the last 15 days which led up to the 7th of July.
Despite the inherent proximity of the $29,895 to a range of $31,165, the sentiment of the investors has been impacted pretty significantly by an unsuccessful attempt to break above the resistance level of $31,400 on the 6th of July. The tendency of the traders to overreact to the price movements on a short-term basis, rather than the year-to-date gains of the cryptocurrency at 82% could be a major part of the reason for this short-term correction. The same rationale would also be applicable to events that relate to other cryptocurrencies.
Bitcoin Price Is Hitting Its Stride
At the forefront of the investors are major questions regarding the recent price gains which were driven solely by multiple spot Bitcoin exchange-traded fund requests. There are certain pressing developments which include Patrick Hillmann, the chief strategy officer of Binance, and other top officers leaving the exchange on the 6th of July.
On the 29th of June, the crypto exchange of the cryptocurrency also informed the users that its euro banking payment gateway would be ceasing its services by September, which would potentially halt the deposits- as well as the withdrawals through the SEPA bank transfer. On the other hand, the yield curve on the interest rates has managed to touch its deepest inversion since 1981 on the 3rd of July.