The choppy price-action is also accompanied by low-volumes, indicating a lack of conviction in the breakout direction. However, a cluster
of support resting between $20,700 & $20,300 may yet offer an opportunity for renewed bullish conviction to materialise in the near future (should BTC/USD retreat from $21,400).
On the flipside, an H4 reclaim of $21,500 opens the door to $23,000 (near the 20-daily ema). But bullish conviction is lacking to say the least. Market conditions remain depressed despite the impressive 20% bounce last week.
All in all, BTC/USD is in an accumulation zone where medium to long-term spot buys are a no-brainer. When it comes to margin trading, the local environment since June 21 can only be described as PVP-price-action. As always, price can do what it wants, but the larger context of a slow-moving BTC/USD is “accumulation before an overdue relief rally” in my view.
All things considered, a $35,000 Bitcoin should not surprise anyone by the end of July.