After a 16.2% plunge in early July, Bitcoin may form a new trading range between 53.5k and 58.8k in the short term. Despite fragile market sentiment, data shows that large investors are accumulating BTC, hinting at potential market moves.

According to the 4-hour chart, Bitcoin's relative strength index (RSI) is at 44, facing resistance at a neutral 50. However, as prices approach the range high, the RSI is expected to rise in the next day or two. Meanwhile, the downward trend of the volume trend indicator (OBV) reminds bulls not to act rashly.

The liquidation heat map for the past three months shows that there is a large concentration of liquidations in the 55.5k area, which may provide momentum for Bitcoin's rebound to the $73k liquidity area in the coming weeks. However, in the short term, a direct reversal is unlikely, and bulls need time to accumulate strength.

Key price levels include the 59k-59.3k area, where a large number of liquidations have accumulated, coinciding with the range high of 58.8k. The magnetic attraction area below 60k may attract Bitcoin prices to approach. #美国6月非农数据高于预期 #德国政府转移比特币 #Mt.Gox将启动偿还计划 #美联储何时降息？ #BTC☀