๐ BTC BOUNCES BACK 9%. DID WE ALREADY HIT THE BOTTOM? ๐
๐ Bitcoin price action takes a break from endless downside to revisit $58,500, but Bitcoin bulls struggle to hold higher ground. Bitcoin (BTC) circled $57,000 into the July 7 weekly close as markets sprang back from โtremendous downside deviation.โ
๐ Data from TradingView showed BTC price action cementing a range roughly 8% above the weekโs $53,500 lows. These lows had come after the July 5 daily close, representing the lowest levels for BTC/USD since late February.
๐ Despite โout of hoursโ weekend trading, Bitcoin bulls managed to recover some lost ground, leaving the lows as an outlier at the time of writing.
๐ BTC/USD Chart Analysis ๐
๐ BTC/USD ultimately just missed out on a pivotal price point at its most recent daily close, which came in at $58,250 versus the desired $58,450 โ an achievement that Rekt Capital argued โwould fuel upside to ~$60,600.โ The latest live data from monitoring resource CoinGlass showed $58,018 as the level attracting the most liquidity to the upside at the time of writing, with price eating into bid support below $57,000.
๐ Liquidation Heatmap and Market Movements ๐
๐ BTC long liquidations from July 4 to 5 totaled more than $220 million, with the cross-crypto total at $750 million. Shorts then followed over the weekend, with popular trader Daan Crypto Trades noting some short positions closing out on the way to local highs of $58,500.
๐ RSI Fuels Optimism Among Traders ๐
๐ก Others eyed encouraging signals among Bitcoinโs relative strength index (RSI) readings on daily timeframes, including a bullish divergence. โI initially targeted $52k, but it seems the bulls might have front-run me,โ social media analyst Wolf told X followers on July 6. โThere's a notable bullish divergence on the daily RSI, and the broadening wedge pattern adds further interest.โ
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