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Bitcoin stuck in a side trend

The Bitcoin rate has long been rangebound at $30-40k. In the absence of key fundamental drivers, the market seems to have lapsed into the doldrums.

That said, we note that investors are watching for news about the unlocking of 40k BTC worth of Grayscale Bitcoin Trust (GBTC) shares in July. The company says that this event will have no impact on digital currency prices, but it remains to be seen how the market will react.

According to Glassnode, cryptocurrencies are still at a standstill, with traders withdrawing 2,000 BTC per day, i.e. in excess of $66 mln to the wallets of third-party services. Parallels can be drawn with events back in April when the outflow of cryptocurrencies from exchanges was also very noticeable, but the price also rose to highs. Incidentally, this time around the situation is different: coins are being returned to exchanges to be sold and the prices have gone down.

The technical picture is largely unchanged as the next key resistance level is located at $36k, while support is located at $33k and $30k, respectively. In the event that the price action slips below $30k, the bears can be expected to drag Bitcoin down to $20k. Meanwhile, the market continues to be locked in a side trend, with no sign of change in sight for the time being.

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