Bitcoin hits new yearly highs as BTC price rebounds to $31.5,000

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Bitcoin (BTC) hit new 2023 highs on July 6 as a fresh bounce off key support backed the bulls.

BTC/USD 1-day chart. Source: TradingViewBitcoin Analyst Warns of Predatory Range

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action has reached the top of its recent trading range.

Analysts had previously forecast the biggest cryptocurrency to fall further, potentially hitting $28,000 to provide a classic downside buying opportunity.

With a comeback to the upside, Michal van de Poppe, founder and CEO of trading company Eight, was optimistic.

Hope your long entries are fulfilled on bitcoin. It looks pretty decent here, and I think it’s going to slowly continue to progress, he told Twitter followers.

– The breakout and reversal from $30.8000 will result in rapid upward momentum. – A retest of $30.3,000 would again be even for longs. BTC/USD annotated chart. Source: Michal van de Poppe/Twitter

The rise came several hours after Larry Fink, CEO of the world’s largest asset manager BlackRock, called Bitcoin an international asset and listed several advantages during a live interview.

BlackRocks’ application to launch the first bitcoin spot-priced exchange-traded fund (ETF) in the United States was re-filed with regulators this week.

Continuing the analysis, financial commentator Tedtalksmacro was more cautious, warning that derivatives traders could still influence the direction of the market in the short term.

After the longs flushed yesterday, a decent spot bid so far…but the perps continue here.

Predatory range vibe. https://t.co/T7T2iHkeJC pic.twitter.com/0UrmWaWgrj

tedtalksmacro (@tedtalksmacro) July 6, 2023 Nothing but bullish consolidation

Zooming out, popular trader John Wick said there was nothing to fear from Bitcoin’s prolonged consolidation near yearly highs.

Related: Bitcoin Analysis Agrees BTC Price May Stall at $35,000

#BTC weekly

Nothing but a bullish consolidation below the supply zone.

The green dots and green bars above the track line suggest that the supply zone is most likely to be overcome.pic.twitter.com/kvWRoIjfUM

Wick (@ZeroHedge_) July 5, 2023

Analytical account PlanC also hoped that the current phase would end in favor of the bulls. The two-year exponential moving average (EMA) of Bitcoin, currently at $28,500, was in focus.

Bitcoin Struggles to Stay Above 2-Year EMA; historically, when this is the case, it is a bullish sign, it is indicated on the day.

All previous cycle lows occurred when BTC was 45%-55% below the 2-year EMA, which has happened before.

An accompanying chart showed the so-called 2-year EMA multiplier, depicting the behavior of BTC prices around its trendlines over the past few years.

2-Year Bitcoin EMA Multiplier Chart. Source: PlanC/Twitter

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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