Pre Open US - Bitcoin 31 July 2023

According to the on-chain analytics platform Glassnode, Bitcoin (BTC) appears to be going through its calmest market phase since January. This period of low volatility is unusual for the cryptocurrency market. While some people believe that Bitcoin is overdue for a decline, data indicates that buying pressure is returning to current levels. Additionally, there is a potential long-term bull flag expected to confirm on the monthly close, which could be positive for Bitcoin bulls.

During this quiet macro week, attention is shifting to other potential price triggers for the crypto market. Cointelegraph is examining major topics that could influence the markets in the coming days and beyond.

Following a startling disclosure by CEO Brian Armstrong, the share price of Coinbase, the Nasdaq-listed crypto exchange, dropped by over 10%. The reason behind this decline was a controversial request from the US Securities and Exchange Commission (SEC) before the lawsuit against Coinbase. The SEC demanded that Coinbase cease trading all cryptocurrencies except for Bitcoin.

Technically, Bitcoin broke the 29700-support level that was holding for one month, taking the price towards the next target at 28000, where the 100MA may also help the price find support there. After that, the 27300 level will be the next support, located at the lower parallel of the actual long bullish channel. The relevance of this is that because Bitcoin is rarely quiet for such long periods, the likelihood of a volatile move either way increases.