As the price of Bitcoin BTC $31,209 remains stable below $31,000 at the beginning of Wall Street’s day on July 3, traders are left on the fence, awaiting a trigger to ignite the bulls.

Bitcoin Price: Tipping Point at $30,000

Analyzing data from Cointelegraph Markets Pro and TradingView reveals BTC/USD maintaining a narrow range as the week opens on a rather flat note, punctuated by sporadic attempts to breach the $31,000 barrier.

The more positive among the market watchers are hopeful that the near-term resistance levels, not only for Bitcoin but across the market, will soon crumble.

In the words of the trading team Stockmoney Lizards, “A resistance line weakens with each test it endures. The day when all $31K sell orders are completed isn’t far.”

They presented a chart on Twitter comparing the BTC price journey this year to its pre-bull run pattern in 2016, leading up to the record highs in December 2017.

Renowned trader and analyst Rekt Capital also chimed in, predicting a breakout for the overall crypto market capitalization.

However, some observers are cautious, foreseeing potential losses in the face of persistent resistance. Among these, trader Crypto Tony anticipates a descent to $28,000.

“This week’s Bitcoin scenario is as straightforward as it gets,” he shared with his Twitter followers. “Given the $31,000 resistance zone, we could retreat to $28,000 for a bearish reload unless we break out. I’d prefer a pump this week, though.”

As reported by Cointelegraph, there’s growing agreement that BTC/USD could soon reach a peak, potentially around the mid-$30,000 range, following a final surge.

Is History Repeating Itself in 2021?

In the meantime, Bitcoin’s performance at the close of June had significant implications on monthly timeframes.

Technical analyst Michael Nauss pointed out that for the first time since hitting 2021 highs, BTC/USD closed above an adjusted volume-weighted average price (AVWAP), a tool that identifies critical support and resistance levels based on trading behavior. This resurgence above $30,000 is a first in two years.

Echoing Nauss’s insights, Caleb Franzen, CEO of Cubic Analytics, urged market observers to take a longer-term view.

He alluded to the announcement of the BlackRock ETF application when Bitcoin was trading around $26k, subsequently rising to new YTD highs over $31k, referencing the ongoing attempts to introduce the first Bitcoin spot price exchange-traded fund (ETF) in the U.S.

“We’re still trading above $30k and people are panicking? Not me. It’s all about higher highs and higher lows.”