đđBitcoin (BTC) sellers are trying to keep the price below this level đđ
Bitcoin approached $60,000 on July 10 as bulls struggled for key trend support. Data confirmed that Bitcoin price rose as high as $59,459 on Bitstamp intraday.
The rapid rise in the Asian trading session saw BTC/USD up 1.5 percent at the time of writing as the pair moved away from classic âoversoldâ conditions. Popular trader Daan Crypto Trades said in his post on July 9: âWatch out for breakouts for the daily RSI at some point in the future.â Likewise, popular trader and analyst Rekt Capital also referred to the RSI divergence.
Daan Crypto Trades pegged $59,000 as the âmain price levelâ to recover, while others pointed to the 58,400 level ahead of resistance near $60,000.
Justin Bennett said: "If BTC can reclaim $58,400, a retest to $60,000-60,700 is likely. Movements between $60,000 and $58,400 will determine whether Bitcoin sees $67,000 or $48,000."
Bennett emphasized that upcoming US macroeconomic data such as Consumer Price Index (CPI) and Producer Price Index (PPI) will be critical events for Bitcoin.
Bitcoin bears form the line of defense. Latest data from CoinGlass showed that liquidity at this key level was weak but increased again in recent hours. Rekt Capital added: "Bitcoin is currently struggling to make an attempt to break the 1.5-month downtrend. BTC price is stuck between both the 99-day and 200-day moving averages."
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