ChainCatcher reported that according to Cointelegraph, CoinGlass data showed that as of press time, $58,018 was the level at which Bitcoin attracted the most liquidity, and its price was eroding the buying support level below $57,000.
In addition, from July 4 to 5, Bitcoin long positions were liquidated with a total of more than $220 million. Short positions then experienced liquidations over the weekend, with trader Daan Crypto Trades noting that some short positions were closed when Bitcoin reached a local high of $58,500.
Other analysts saw encouraging signals from the Bitcoin relative strength index (RSI) on the daily time frame, including bullish divergences. Analyst Wolf wrote on X: "My initial bearish target was $52,000, but it looks like the bulls may be one step ahead of me. The daily RSI indicator showed a clear bullish divergence, and the expanding wedge pattern further increased investor interest."
