$BTC range formation ahead, here’s how you can navigate it - AMBCrypto Analytics

The 4-hour chart showed a potential range formation between $58.8k and $53.5k. The mid-range level at $56.2k had served as support on the 5th of July when prices tried to bounce higher.

The H4 RSI was at 44 and faced rejection at neutral 50. However, the RSI would likely go higher over the next day or two because the range highs beckons BTC prices to it.

The OBV, on the other hand, remained in a downtrend, warning bulls not to take the bait offered.

The liquidation heatmap of the past three months showed that the $55.5k region had a high concentration of liquidation levels. This pool of liquidity was swept and in the coming weeks, BTC might seek to run it northward to the $73k liquidity zone.

In the short term, however, an immediate reversal is unlikely. The bulls need time to gather their strength before pushing higher. The range formation outlined earlier is expected to last over the coming week.