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Bitcoin hovers around $34,500

Bitcoin declined 5.93% in June, and 40% in Q2. Over the past week, bitcoin advanced 1.69% to $35,286. The weekly candle range was 11.9% or $3,900. The price range has narrowed, so the market is ready for sharp fluctuations.

In three days, the price recovered from $33,786 by almost 8%. On Sunday, July 4, buyers failed to break out of the $36,000 level. On the spot market, the price action dropped to $33,300 from $35,968 without any heavy selling. The futures market has seen a lot of selling in excess of 200 BTCs. Again, liquidity apparently worked in futures.

The market is still recovering from a 55% crash to $28,805. Market participants have taken a wait-and-see stance, since there is no clear understanding of how regulators in advanced economies will behave in relation to cryptocurrencies and mining.

The $32,652 level is still the key support (50% of the upside from $28,805 to $36,600). The bulls have already shown weakness today by allowing the bears to break through the $34,000 trendline. This is first call to buyers that the decline could accelerate at any time.

At the time of writing, bitcoin was trading at $33,690. The bulls will not manage to breach the $36,000 level. Given the onset of a correction in the dollar and the rally in the US stock market, the bulls have support for a breakout to the $40,000 level. The weekly candle needs to close above $41,500 so that investors can reach $45k. So now the market awaits bullish triggers.

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