According to Odaily, CoinGlass data reveals that Bitcoin has attracted the most liquidity at the $58,018 level. The cryptocurrency's price is currently eroding the buying support below $57,000. Furthermore, from July 4th to 5th, the total amount of Bitcoin long positions liquidated exceeded $220 million. Following this, short positions experienced liquidation over the weekend, with some short positions being closed when Bitcoin reached a local high of $58,500, as noted by trader Daan Crypto Trades.
Analysts have also observed encouraging signals from the Relative Strength Index (RSI) of Bitcoin on a daily timeframe, including bullish divergence. Analyst Wolf X commented, 'My initial bearish target was $52,000, but it seems the bulls might beat me to it. The daily RSI has shown a clear bullish divergence, and the expanding wedge pattern has further increased investor interest.' This analysis suggests a potential upward trend for Bitcoin, despite the recent liquidation of long and short positions.