Bitcoin bounces within the RangeBTC/USD fell to $31,000 before buyers stepped in to pick up some cheap bitcoin. Since the local low BTC rallied 18% and currently trades above $36,300. Bulls have overcome a pivotal price point which should provide impetus for a sustained relief rally to the upper-bound of the range.On the flip side, if BTC/USD slides below the pivot and fails to bounce at $33,470, then a test of the $30,000 level would be next.However, open interest and short traders appear to be doubling down according to data from coinalyze, painting a somewhat large target on their backs for a serious short squeeze.All in all, market structure still suggests a ranging market, and relatively low volumes confirm this thesis all the more.Levels to watchReclaim $43,000 level (20-weekly EMA) suggests a move to $50,000.Rejection from the $40,000 (psych level) suggests a retest of the pivot.Close below $35,800 suggests a test of $33,470.Weakness below that suggests a move to $30,000.Meanwhile, bitcoin transfers to exchanges have reduced significantly to pre-bull market lows when measured on a 7-day Exponential Moving Average.This suggests that current market participants are not keen on selling coins on the open market at these prices. The data describes increasing hodling behaviour and is a sign that weak hands (short term participants) are largely out of the market.Bulls lead the way.Catch you next time.Join the Telegram channel for live updates & setups!Follow me on Twitter & Gab and my social portals below.https://www.paypal.com/donate?hosted_button_id=C9VRLGTBHQX2Nhttps://chrisoncrypto.com/blog/f/el-salvadore-unanimously-votes-to-adopt-bitcoin-as-legal-tenderhttp://www.chrisoncrypto.com/You can also support me in Bitcoin!BTC address: 3EydsEYpjHn68axKnCUqBB7EbqcxrEjamrBest regards,Christopher AttardFounder of Chris on CryptoContributor to www.cityam.comConnect directly on: Telegram