Bitcoin price remains in a tight range, upside momentum is starting to slow heading into the weekend

Bitcoin price has been trapped in a tightening trading range and has barely moved in weeks. The top cryptocurrency by market cap has been boring compared to its characteristically volatile self. At the time of writing, BTC is trading at $33,621 and is down about 2% over the past week.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price remains in a tight range after buyers took profits at the $34,000 resistance level

Bitcoin traded higher after a volatile week. It was holding above $33,000 support at press time and is roughly flat for the week. Technical charts suggest buyers will remain active above $30,000, although upside momentum is starting to slow heading into the weekend. As AZCoin News reported, there is a risk that a break below $30,000 could resume the downtrend since April. For now, buyers could remain active at short-term support, albeit with limited upside given the strong overhead resistance.

Bitcoin’s on-chain indicators are still not very positive. According to Santiment, the current Bitcoin sentiment remains at extreme negative levels that the algorithm hasn’t seen since October 2020.

“If BTC ranges for much longer, the negative commentary will likely surpass this mark, making it the most bearish since June 2018,” they tweeted.


Source Santiment

Meanwhile, Bitcoin’s top address with 100,000+ BTC holds its own 3.64% of the supply of crypto’s top market cap asset. They’re essentially still sitting at 27-month high levels. Besides, 10,000 to 100,000 BTC addresses are at all-time low levels at 10.91% held.


Source: Santiment

The altcoin market has been flat during the weekend. However, there is one token that has emerged with a gain of almost 35% on the day, and that is Constellation (DAG) – a protocol that utilizes a directed acyclic graph architecture to achieve a consensus that is theoretically capable of infinite scaling.


DAG price | Source: CoinMarketCap

The price of DAG rallied 360% from a low of $0.037 on June 22 to a new record high at $0.22 on July 11th. Three reasons for the strong showing from DAG include the release of a functioning decentralized exchange, an expanding list of global partners who utilize the Constellation network to manage data, and the network’s ability to offer low-cost, highly scalable transactions.

As the crypto community prepares for the upcoming London hard fork on Ethereum and Bitcoin is still unknown, the fate of competing layer one and two solutions continues as users wait. see if the upgrade results in a significant fee reduction. If the situation does not improve significantly, strengthening fundamentals and the ability to fill a growing demand niche could bode well for future DAG prices.

Finally, you can see that Bitcoin is back and trying to hold above a very similar support line, and if successful, should send volatility back along a parabolic curve along with price action. That would put the top of the current bull cycle at around December, which – historically – has marked a significant top or bottom every year since 2017.

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