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.
BTC/USDT daily chart. Source: TradingView
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.