Bears back off, but Bitcoin price still wavers below $35K

Although bulls made a show of force in the morning trading hours, (BTC) price is still pinned under the $35,000 resistance and unable to flip the 20-day moving average to support or secure a daily close above the level.

Data from Cointelegraph Markets Pro and TradingView since rallying to $35,400 on June 28, Bitcoin has traded in a range between $33,850 and $35,000 as the fallout from China’s crackdown on BTC mining continues to reverberate across the market.

4-hour chart. Source: TradingView
Bitcoin short- and long-term holder SOPR. Source: Glassnode
Daily cryptocurrency market performance. Source: Coin360