Bitcoin (BTC) rises above $60,000 in the third week of July: BTC's new strength has led to a shift in sentiment - for how long?\\After the weekend's geopolitical events, the largest cryptocurrency is once again delighting traders, already
up 10% since July 12. What could have been a knee-jerk reaction that ended with the weekly candle closing, instead became the basis for BTC's further gains. However, market participants are now faced with the question of where support lies.
Both traders and analysts saw BTC/USD fall to a four-month low and multiple attempts to regain the $60,000 mark fail.
Now that this process is almost complete, other important price levels are reappearing.
However, there is always the risk that the bulls will run out of steam due to manipulation by market participants or simply due to a continued lack of buyer demand. Geopolitics may present another curve, along with macroeconomic factors that will start to take effect this week. On July 15, U. S. Federal Reserve Chairman Jerome Powell will release more details on inflation expectations, followed by the release of the U. S. jobs report.
the meantime, as far as the fundamentals of the #bitcoin network are concerned, rising prices are changing the landscape. \\Unsurprisingly, traders greeted the surge, which took the key level at and near $60,000, with considerable relief. We are back in the original $60-72 range, which looks like an outlier, popular trader Roman wrote in a recent update on X (formerly Twitter).
We didn't see the $25k RSI level, which I think suggests the correction is over.
Roman is referring to the RSI signal, which is now more oversold than at any time in almost a year. Roman notes that, like other investors, he can too easily get ahead of the curve and keep rising.
I'm concerned that LTF volume was pumped up over the weekend\\, he explained, referring to the lack of trading activity on lower timeframes and the genesis of bitcoin's after-hours #bounce , which TradFi traders did not participate in.
According to CoinGlass, losses totaled $ 93.
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