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Bitcoin (BTC) fell back below the $ 33,000 support on July 12, a familiar cocktail of low volumes and increasing shorts putting pressure on price action.
Shorters fail to trigger Bitcoin rout
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it hit its local low of $ 32,880 on Bitstamp.
Much like last week, an accumulation of short positions on the main Bitfinex exchange cost Bitcoin its low range, sending it back to its last support zone before a further test of $ 30,000.
BTC / USD lost around 2.9% on the day, fluctuating at the time of writing around the $ 33,000 mark but avoiding losses.
Earlier, analysts had been more bullish on the near-term outlook, predicting a bullish rebound this week that could see a target of $ 38,000.
“I am reaching the stage where I have had enough with this range on Bitcoin”, a naturally weary Michaël van de Poppe abstract to Twitter followers.
Trader: Prepare for a “violent move” in Bitcoin
Those looking for more excitement are not left out this week, although the telemetry behavior continues.
Related: Countdown To Grayscale’s Big BTC Unlock: 5 Things To Watch In Bitcoin This Week
The inspiration this time comes from well-known trader John Wick, who in a series of tweets Monday observed a rare signal in Bitcoin that historically requires rapid price movement.
“We have now entered an area of coiled volatility indicated by yellow shading,” he commented alongside a chart depicting an event called a “squeeze”.
“A VIOLENT move is imminent and imminent. It tells you that it’s time to start paying attention.
The cuts are not daily. The previous two events involved a trip of $ 9,100 to recent all-time highs of $ 64,500, as well as the subsequent correction to $ 30,000, Wick said.
While the exact time and nature of the next squeeze, or even its direction, remains unknown, Wick’s bias is on the rise.
The recent build-up of BTC and the strength of a $ 30,000 support contributes to its conviction.
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