Analysts say Bitcoin’s choppy price action is ‘typical of low liquidity markets’

On July 9 and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100.

daily chart. Source: TradingView
Bitcoin entities net growth. Source: Glassnode