Bitcoin drops below 'critical' level for avoiding a return to $31K — gold rises on inflation data

Bitcoin drops below 'critical' level for avoiding a return to $31K — gold rises on inflation data


Bitcoin (BTC) fell to support which could determine a $30,000 retest on July 13 as bulls failed to make their case for fresh gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin bulls see $33,000 slip away

Data from Cointelegraph Markets Pro and TradingView showed another lackluster performance for BTC/USD on Tuesday, with local lows at $32,240 on Bitstamp.

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Ranging above $33,000, viewed as the support level to hold as a springboard for bullish continuation, seemed shaky at best this week. Monday saw a brief slip below, with the rebound barely holding out for 18 hours.

At the time of writing, $32,500 formed a focus, with Bitcoin bouncing below levels one trader says are necessary to hold in order to prevent a return to closer to $31,000.

“The critical support that I’ve derived here is the area around $32,600-$32,900, which you preferably want to see sustain as support to avoid another test of the lows,” Michaël van de Poppe explained in an update earlier on Tuesday.

With

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