Bitcoin (BTC) bulls struggled for $31,000 on July 4 as the US market shutdown offered a chance for volatility.

BTC/USD 1 hour chart. Source: TradingView

Bitcoin price ‘preparing to tear higher’

Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to consolidate intraday gains.

These peaked near $31,400 before the momentum petered out leaving BTC/USD still in a narrow trading range.

Despite no new yearly highs yet, market participants have been bullish on lower time frames based on recent behavior.

Decentrader business suite even he argued that Bitcoin “looked bullish on virtually all time frames” on one of its proprietary trading instruments.

“I feel like the market is getting ready to tear higher,” Decentrader co-founder Philip Swift, creator of on-chain data feed LookIntoBitcoin, he added on that day.

Michaël van de Poppe, founder and CEO of trading firm Eight, predicted that rapid gains will only be seen after BTC/USD crosses $32,500 and sets new highs.

“Here is a good consolidation of Bitcoin. He swept some heights but no acceleration,” he said in summary.

“The real acceleration will happen above $32,500. It’s just a slow grind until then.”

BTC/USD Commented Chart. Source: Michaël van de Poppe/Twitter

Others continued the narrative calling for lower levels to reappear in the second half of 2023, after the mid-term peak. As reported by Cointelegraph, an increasingly popular target for this year’s highs is targeting the $30,000 range.

“The more time that passes with bitcoin holding above $25,000 on a macro level, the more I lean toward a macro bottom,” popular Crypto trader Tony he wrote in the section of fresh analysis on the given topic.

“I still believe we’ll see a bigger drop later this year, but it’s likely to be part of a larger accumulation zone.”

BTC/USD 1 week chart. Source: TradingView

Small entities acquire BTC stock

The the latest figures on the chain of analytics firm Glassnode, meanwhile, revealed continued accumulation among smaller entities on the bitcoin investor spectrum.

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These “shrimps”, defined as wallets containing less than 1 BTC, are currently continuously increasing their holdings by over 33,000 BTC per month.

According to Glassnode, the data stands out, “only 130 / 5263 (2.5%) trading days saw a larger monthly position change.

“This brings the total number of coins held by the Shrimp class to 1.33 million BTC,” he added.

Annotated graph of the change in the net position of Bitcoin Shrimp. Source: Glassnode/Twitter

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This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.