Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

[RSRS]

On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100.


BTC/USDT daily chart. Source: TradingView
Sentiment among traders received a slight boost after Bitcoin price reversed course and rallied back to $34,000 but the price still remains trapped between key resistance and support levels and the lack of buy volume is still a valid concern.

Tempting Beef, a pseudonymous trader on crypto Twitter, also pointed out that the total crypto market cap and altcoin market cap remain in a precarious position.

#Crypto total market cap and altcoin market cap both failing to flip their key pivots and forming lower highs. Me sad.

Unless we pull it together, I expect us to just play in this range maybe with some standouts like $AXS. Could be a boring summer. pic.twitter.com/Ab4eVSCbdo

— Tempting Beef (@tempting_beef) July 8, 2021
Élie Le Rest, partner at digital asset management firm ExoAlpha, also pointed out that along with the “non-directional trend” in BTC, the market is also "witnessing a decrease in trading volume” that has led to "more wild reversals within the range, hurting directional traders.”

Sourch