Bitcoin traded lower during the July 30 Asian trading session after a quick rejection at resistance triggered a Bitcoin price decline to $4,000. Data from TradingView showed BTC/USD trading around $66,500, surrounding the daily open. Volatility had been seen throughout the previous day, with Bitcoin initially rising as high as $70,000 but failing to maintain this and instead falling nearly 6% in a matter of hours.

What's Happening on the Bitcoin Front?

This move occurred with $2 billion worth of BTC coming out of a wallet associated with the US government. The transaction contradicted pledges made by the presidential candidates over the weekend to use the funds to create a Bitcoin strategic reserve. William Clemente, co-founder of crypto research firm Reflexivity, stated that the timing is not a coincidence and explained that he expects a little more short-term rise and summer, then probably just an upward price movement.

Reacting, Keith Alan, co-founder of trading resource Material Indicators, hoped that the bulls could stage a rally to maintain a rising trend line on the daily time frames. In his next comment on the

“This is the HH that the bulls must surpass before Bitcoin is positioned to go after the ATH level, and I think that will come eventually, but I would argue that we will not see a sustainable move to a new ATH level until we confirm an R/S Flip at $69,000.”

Details on the subject

Meanwhile, popular investor Roman has focused on near-term Bitcoin price targets ranging up to $60,000. He predicted that if the market falls to these levels, it will cause a short squeeze that will allow BTC/USD to return to the top of its long-term trading range:

"I'm eyeing price targets of 64,000 and 60,000 respectively. I'm showing bearish divs with a possible DT reversal setup. At these said levels, sentiment will be extremely bearish and then we'll go all the way up once again."

In some of its latest analysis, on-chain analytics platform CryptoQuant noted what it calls increasing withdrawals from exchanges. Contributing analyst CryptoOnchain noted that the average amount of Bitcoin per exchange withdrawal is on the rise:

“The increase in Bitcoin outflow could be a positive sign for the possibility of future price increases and disruption of the volatility area.”