Bitcoin traders hope to 'buy the dip' as BTC price heads toward $30K

Bitcoin (BTC) headed little into the July 5 Wall Street unfastened arsenic a risk-off temper entered United States equities.

BTC/USD 1-day chart. Source: TradingView

BTC terms begins hitting dip-buying targets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tapping multi-day lows of $30,280 connected Bitstamp.

BTC terms enactment continued a sideways trading signifier wrong a larger scope successful spot practically since mid-June.

With nary discernible advancement toward breaking topside resistance, Bitcoin traders hoped that a expanse of the lows would supply the substance bulls needed.

Reached for #Bitcoin. pic.twitter.com/ePhBZET0TW

— Michaël van de Poppe (@CryptoMichNL) July 5, 2023

Popular trader Crypto Ed had his oculus connected the country astatine $30,000 oregon conscionable beneath connected the day.

“We're heading there, volition look for absorption from that level,” helium wrote successful portion of Twitter commentary.

BTC/USD annotated chart. Source: Crypto Ed/Twitter

Fellow trader Jelle meantime looked for an accidental to “buy the dip” nearer $28,000 — already a fashionable target for doing so.

“As Bitcoin's regular bearish divergence plays out, I spot a imaginable hidden bullish divergence shaping up,” helium revealed alongside an explanatory chart.

“If this ends up arsenic conscionable a shallow pullback, that could conscionable supply the foodstuff we request to interruption done $32,000 erstwhile and for all.”

The illustration showed Bitcoin’s comparative spot scale (RSI) printing the bearish divergence referred to.

BTC/USD annotated illustration with RSI. Source: Jelle/Twitter

Bitcoin "bullish marketplace structure" remains

There was small motion of panic contempt the deficiency of upside momentum.

Related: Bitcoin investigation agrees BTC terms whitethorn stall astatine $35K

Trader and expert Rekt Capital, pursuing a beardown monthly close, called intraday show "nothing to panic about."

Nothing to panic about#BTC could dip adjacent deeper for a steadfast method retest to flip aged absorption (black) into caller support$BTC #Crypto #Bitcoin https://t.co/5CedrWHYNp pic.twitter.com/YvvexHSaBr

— Rekt Capital (@rektcapital) July 5, 2023

"Personally one americium agelong portion we are supra $28,000 arsenic we had a ace bully entry," trader Crypto Tony continued.

"If you are not yet successful a position, one would hold for this dip one americium looking for, oregon a flip of $31,000 absorption portion into support. Those are your 2 triggers for today."

BTC/USD annotated chart. Source: Crypto Tony/Twitter

Daan Crypto Trades likewise reiterated that the bullish presumption quo was inactive valid.

"On the little timeframes, the bullish marketplace operation is inactive successful tact," portion of his latest investigation read.

"I would see a 29.5K retest if $BTC were to suffer the mid range. Until then, liquidity sits astatine 31.4-31.5K."

BTC/USD annotated chart. Source: Daan Crypto Trades/Twitter

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