Bitcoin (BTC) fell back below $33,000 support on July 12 as a familiar cocktail of low volumes and mounting shorts pressured price action.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewShorters fail to spark a Bitcoin rout
Just like last week, a build-up of short positions on major exchange Bitfinex cost Bitcoin its range low, sending it back into its last zone of support before a $30,000 retest.
BTC/USD lost approximately 2.9% on the day, at the time of writing fluctuating around the $33,000 mark but staving off losses.
Earlier, analysts had been more upbeat about the short-term prospects, forecasting an upside bounce this week which could see a target of $38,000.
“I’m getting to the stage that I’m quite done with this range on Bitcoin,” an understandably weary Michaël van de Poppe summarized to Twitter followers.
BTC/USD shorts 1-day candle chart (Bitfinex). Source: TradingViewTrader: Get ready for “violent move”