Bitcoin (BTC) is witnessing a tough battle between the bulls and the bears near $31,000, which makes it an important level to watch out for. Data from Glassnode shows that the $31,000 to $34,300 zone has seen strong interest from buyers and sellers as 9.93% of the Bitcoin supply has moved in this zone.

The failure of Bitcoin to rally quickly from strong support levels indicates weak demand. Proof of the current disinterest comes from BlackRock CEO Larry Fink, who said in a recent CNBC interview that investor demand for cryptocurrencies had declined recently. Fink said that during his last two weeks of business travel, not one question about Bitcoin and crypto investing was presented to him.

Daily cryptocurrency market performance. Source: Coin360

Another sign of reduced demand is that the 90-day inflow into the United States and Canada-based Bitcoin funds has plunged 93.49% from 191,846 BTC in January to 12,485 BTC, according to data collected by ByteTree Asset Management.

In an interview with CNBC on July 14, DoubleLine CEO Jeffrey Gundlach said that Bitcoin could drop under $23,000 due to the head-and-shoulders trading pattern, which “looks pretty convincing.”

Will Bitcoin break below the support and start the next leg down or is it due for a rebound? Let’s study the charts of the top-10 cryptocurrencies to determine the critical levels to watch out for.