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Bitcoin hits a lull ahead of NFPs

Bitcoin lost 4.40% on Thursday, July 1. During the European session, the BTCUSDT pair has been trading around $32,915. After the first drop to $30,000 (May 19), the flat trend lasted 44 days. The sideways trading range is ~$12,200 (44%). Trade volume on Binance has sunk to 97.7k bitcoins, down from 138k in early June.

On June 29, an attempt to break out of the $36,000 level failed. The bitcoin bulls are now looking for a foothold to resume their ascent. The decline stopped at the 50% level ($32,683) of the upward movement from $30,151 to $36,600. The $32,462 level is crossed by a trendline that runs through the lows of $28,805 (June 22) and $30,151 June 26).

The conditions for rebound look propitious. The bulls need to be on the defensive, otherwise the bears will quickly take over amid a thin market. The former are still under pressure from a rising dollar, which has been in an uptrend since the June 16 FOMC meeting. If the $32,500 level fails to hold, the decline of the BTCUSDT pair will accelerate to $31,600.

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