BTC price rises to $31,000, but like last week, Bitcoin bulls fail to hold it – is this a classic ‘re-accumulation’?

Bitcoin ( BTC ) made a fresh breakout attempt on July 11, and the battle for yearly highs remains intense.

BTC price sees another $31,000 “leverage squeeze”

Data from Cointelegraph Markets Pro and TradingView show that the BTC price briefly surpassed $31,000 before the close of trading on July 10.

BTC/USD appears to be mimicking last week’s sharp move higher, managing to approach resistance before momentum fades and subsequently falling back above $800.

Some form of continuation did occur after that, with Bitcoin trading around $30,500 at the time of writing.

For Michaël van de Poppe, founder and CEO of Eight Trading, the overnight move had all the hallmarks of a “leverage crunch.”

“Markets continue to be volatile,” he told his Twitter followers in his latest update.

"Bitcoin has experienced a leverage squeeze in the last 24 hours, breaking all highs in one fell swoop and back to square one. The only difference between now and Thursday? No new lows. $30,200 support. Don't get cut!"

Popular trader Crypto Daan compared the recent behavior to previous “Bart Simpson” style chart features, where the BTC price would surge to a stable level and remain there, only to retrace the entire move later. However, Bart has currently been replaced by a building reminiscent of the Burj Khalifa.

Meanwhile, trader and analyst Rekt Capital is eyeing $30,600 as a flip level.

“BTC is currently breaking out of ascending triangle resistance around $30,600. But it’s worth noting that Bitcoin has broken out of this level before, only to form an upside wick,” he said during the overnight rally to $31,000.

“Therefore, BTC needs to convert around $30,600 into support in the coming days to confirm its breakout.”

"Re-accumulate" as usual

Despite this, Bitcoin has remained within a familiar range for several weeks.

This is characteristic of Bitcoin price cycles, analytics firm Glassnode said in the latest edition of its weekly newsletter “This Week on Chain.”

"Bitcoin data often shows strange repeating patterns from cycle to cycle. In the 2021-22 cycle, the $30,000 price level formed a 'midpoint' of sorts and was tested multiple times from above and below," it noted.

“Very similar levels were observed in 2013-16 at around $425 and again in 2018-19 at around $6,500.”

Glassnode added that “re-accumulation” is the label that best fits the nature of the current BTC price action.