Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’


On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100.

BTC/USDT daily chart. Source: TradingView

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Sentiment among traders received a slight boost after Bitcoin price reversed course and rallied back to $34,000 but the price still remains trapped between key resistance and support levels and the lack of buy volume is still a valid concern.

Tempting Beef, a pseudonymous trader on crypto Twitter, also pointed out that the total crypto market cap and altcoin market cap remain in a precarious position. 

#Crypto total market cap and altcoin market cap both failing to flip their key pivots and forming lower highs. Me sad.

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