Bitcoin (BTC) made a fresh breakout attempt on July 11, briefly passing $31,000 before the daily close. The BTC/USD pair approached resistance before momentum waned and subsequently fell back over $800. At the time of writing, Bitcoin traded around $30,500. Michaël van de Poppe, founder and CEO of trading firm Eight, attributed the overnight move to a "leverage crunch." Meanwhile, analytics firm Glassnode suggested that the current BTC price action is characteristic of Bitcoin price cycles, with "re-accumulation" as the best-fitting tag.