Bitcoin offered a short-timeframe rebound at the July 24 Wall Street open as a popular analyst eyed a “tug-o-war” on exchanges.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin “pullback” preserves key support
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price action targeting $67,000, up around 1% on the day.
A trip lower, which some had anticipated, nonetheless preserved key support at both $65,000 and short-term holder realized price at $65,110.
Source: Rekt Capital
The latter level, as monitored by onchain analytics platform Glassnode, represents the aggregate cost basis of Bitcoin speculators and was recently reclaimed as support after a brief absence.
Bitcoin short-term holder cost basis. Source: Glassnode
“Bitcoin has successfully reclaimed the key breakdown area,” popular trader Jelle told X followers in one of his latest posts, covering the four-hour chart.
“With local market structure firmly bullish, it looks like the market wants to give $72,000 another test.”BTC/USDT chart. Source: Jelle/X
Jelle added that data from onchain monitoring resource CoinGlass put potential short BTC liquidations around that area at $7 billion.
Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
As short timeframes narrowed Bitcoin’s trading corridor, attention thus turned to the longer-term picture.
“Bitcoin Has now consolidated at the previous cycle’s high for 141 days,” fellow popular trader Daan Crypto Trades noted on X.
“This is by far the longest time it has taken to fully break through a previous all time high. On the other hand, $BTC reached the all time high before the halving this cycle which was much faster.”BTC/USD comparison. Source: Daan Crypto Trades/X
Exchange BTC balances creep up
Weighing bullish and bearish market factors, meanwhile, Willy Woo, creator of onchain statistics platform Woobull, flagged two hurdles for Bitcoin to overcome next.
Related: Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year
These included payouts to creditors of defunct exchange Mt. Gox, which i still ongoing, and the accompanying return of coins to…
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