Bitcoin clings to $30k as ETF-inspired momentum begins to subside

- Prices across the cryptocurrency market traded lower on Wednesday as the added momentum from multiple spot Bitcoin ETF filings over the past two weeks began to subside while concerns related to the health of the global economy persist.

Data from TradingView shows that Bitcoin’s price slid lower throughout the trading day, hitting a low of $29,960 in the afternoon before bulls managed to bid it back above the $30,000 support level. BTC continues to oscillate within the $29,800 - $31,400 trading range that was established last week.Evidence of the declining momentum for BTC was reflected in July Bitcoin futures prices, which traded “a bit weaker in early U.S.

“Throughout the last decade, Bitcoin has rallied by an average of +11% in July, with 7 out of 10 observations showing positive returns ,” Thielen said. “In July, the previous three years have seen returns of +27%, +20%, and +24%, respectively.”“While summer tends to be a period of consolidation for Bitcoin, a strong July tends to be followed by a mediocre August and a selloff in September,” Thielen added.

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