Looking at the price action since April, and in particular since mid-June, there’s been a noticeable abruptness of reversals any time bitcoin has attempted a breakout above $30,000. The most dramatic occasion came on July 13 when the cryptocurrency surged to a one-year high above $31,800 following a favorable court ruling for XRP in its case with the U.S. Securities and Exchange Commission (SEC). Within hours, bitcoin had given up not just the $31,000, but also the $30,000 level, and within days had even dipped below $29,000.
