Bitcoin price has been trading in a tight range between $30,000 and $31,300 for the past few days.
According to CoinMarketCap, as of July 8, 2023, Bitcoin is hovering around $30,208.
Some analysts shared their views on the current state of the market and potential scenarios for Bitcoin's next move.
Cryptocurrency analyst and market commentator Ali Martinez said that looking at the moving averages, Bitcoin's price action is “pretty simple”.
Martinez argued that if the 4-hour candles in the BTC price close above $ 30,550, $ 31,300 will be reached, and if it closes below $ 29,800, BTC will fall to $ 28,500.
Another analyst, Michaël van de Poppe, who is also a trader and content creator, said that the markets are consolidating and he is interested in potential long positions if Bitcoin falls below $29,500 or exceeds $30,800.
Van de Poppe stated that the power of Bitcoin can also improve the performance of altcoins.
*Not investment advice.
