Bitcoin (BTC) clung to the $30,000 level as of July 17, with the market awaiting a new catalyst for change across risk assets. BTC/USD has shown little volatility in an otherwise quiet trading week. In the meantime, Bitcoin bears and bulls fight for dominance, and Material Indicators co-founder Keith Alan suggests that if $30,000 is lost, Bitcoin may find support at key trend lines, such as the 200-week moving average at $27,000.

Concerns over Bitcoin's declining market dominance are also on the rise, as it dipped below 50% dominance earlier last week. In its latest market update, trading firm QCP Capital suggests that Bitcoin dominance may decline even further due to US regulatory events and the potential approval of a BTC physical ETF.