Bitcoin ‘Burj Khalifa’ fakeout repeats as BTC price spikes to $31K
Bitcoin (BTC) staged a fresh breakout attempt into July 11 as the battle for yearly highs stayed hot.
Data from Cointelegraph Markets Pro and TradingView showed BTC price briefly passing $31,000 before the July 10 daily close.
In a copycat move, seemingly with last week’s snap higher for inspiration, BTC/USD managed to approach resistance before momentum waned, subsequently falling back over $800.
Some form of continuation did set in thereafter, and at the time of writing, Bitcoin traded around $30,500.
For Michaël van de Poppe, founder and CEO of trading firm Eight, the overnight move had all the hallmarks of a “leverage crunch.”
“The markets just continues chopping,” he told Twitter followers in his latest update.
Popular trader Crypto Daan compared recent behavior with the “Bart Simpson” style chart features from before, where BTC price would spike to a plateau and hold there, only to retrace the full run later. Currently, however, Bart has been replaced with a structure reminiscent of the Burj Khalifa.
#Bitcoin In previous cycles we had "Bart Moves".This time around we're getting "Burj Khalifas" everywhere. pic.twitter.com/87S0axbKWF
Meanwhile, trader and analyst Rekt Capital flagged $30,600 as the level to flip.
“BTC is now pressing past the ~$30600 Ascending Triangle resistance. But it’s key to note that $BTC has pressed past this level before only to form an upside wick,” he said during the overnight run to $31,000.
Bitcoin nonetheless remained in a familiar range in play for multiple weeks.
Related: CPI meets low BTC supply — 5 things to know in Bitcoin this week
In the latest edition of its weekly newsletter, The Week On-Chain, analytics firm Glassnode suggested that this was characteristic of Bitcoin price cycles.
“Bit
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