Bitcoin focused on $63,000 on July 2 as attention shifted to macro liquidity changes.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement gains, accompanying the monthly close.
Despite failing to break key resistance levels above $64,000, Bitcoin traders found renewed optimism as July began.
“Bitcoin has resumed its uptrend,” popular trader and analyst Rekt Capital summarized in one of several posts on X (formerly Twitter).
Rekt Capital highlighted the monthly close as a key sign of strength, with a chart showing a breakout from June’s downtrend.
“The goal? To build a foundation from which it will be able to springboard to the Range High area at ~$71,500 over time,” he explained.
Fellow trader Daan Crypto Trades emphasized United States dollar liquidity trends.
As Cointelegraph reported, these are crucial for crypto market performance, with expectations of positive repercussions increasing last month.
“During this range, the BTC price has moved mostly in line with USD Liquidity,” he asserted alongside a comparative chart.
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“We just saw a big decrease into a nice move up during this end of the quarter into the new quarter.
Liquidity has moved little this year but both BTC & Stocks have been front-running a future expansion of USD liquidity.”
Market analyst Cole Garner suggested that recent Federal Reserve liquidity changes could impact BTC price strength in the short term.
“Biggest Fed Net Liquidity rate-of-change spike in 15 months,” he observed.
“Last time that happened, bitcoin rose ~40% in one week. Not assuming a repeat, but you love to see it.”
Technical indicator data also hinted at increased volatility for Bitcoin.
On weekly timeframes, Bollinger Bands were constricting to levels seen only a handful of times in Bitcoin’s history—a classic precursor to major breakouts.
This phenomenon was observed on X by popular analyst Matthew Hyland.
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