Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor

Bitcoin price continued trading around $9,500 July 30 as analysts suggested the end of the month could still provide a fresh move upwards.

All eyes on futures and 50-day moving averageData from Coin360 revealed little change in Bitcoin's behavior Tuesday after the largest cryptocurrency suddenly lost $800 over the weekend.

Now, attention is focusing on Bitcoin futures - the end of the month means settlement, something which has traditionally placed downward pressure on the Bitcoin price before payouts take place.

For Josh Rager, the regular analyst and trader, the near-term course for BTC/USD could involve an uptick towards $10,000, but with the 50-day moving average forming a roof.

Rager specifically viewed CME Group's futures as an important metric.

"I lean neutral sideways but would be intrigued if price moved up to fill the meme gap at $9965 1D close before rejected off 50 MA[.] Lean bullish if price closes above $10,635 on CME.".

Others pointed to ongoing regulatory scrutiny, particularly in the United States, as pressuring price.

"It's a new product. It's much different from most new products," J. J. Kinahan, chief market strategist at TD Ameritrade, told Bloomberg.

Sideways landscape prevails in top 20Altcoins meanwhile continued to move in step with Bitcoin's sideways action.

Ether, the largest altcoin token by market cap, dropped slightly more than average - 2.5% on the day - to land at $208.Ether 7-day price chart.