Bitcoin volume falls to its lowest level since early 2021 out of concern that the $25K threshold could be reached again

Analysts have cautioned that a Bitcoin price drop below $25,000 is “possible,” with $28,300 remaining as the line in the sand for Bitcoin bulls as of the Wall Street open on July 31.

Bitcoin’s price saw further sideways movement as July came to a close, according to data from Cointelegraph Markets Pro and TradingView.

Nothing appeared able to cause a substantial trend shift during the weekend or the previous week, and the most exciting intraday event was a short surge of over $29,500 following the weekly close.

BTC broke $29.5k last night, but the Bulls have struggled to gain traction so far today. “If the bulls can’t break through that level, then I think we’ll see a test of support around $28.3k. Bitcoin’s future has me wondering whether it will rebound from the low $30s or go to $25k and beyond. The only unknowns are the timing and sequencing of these potential actions.”

A famous trader and analyst, Rekt Capital, recently pointed out that on weekly timescales, Bitcoin’s behaviour resembled that of early 2021, far before the all-time highs of the current cycle.

“According to fresh research, as we approach the monthly close of July, the price of bitcoin (BTC) is holding around the $29250 mark,” which is functioning as support.

“After months of being a barrier, $BTC finally burst over it last month, at the price of $29250. And Bitcoin is now retesting it into fresh support this month.”

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