BTC range is about to form, here's how you can react:

BTC liquidation heat map shows that the $555k liquidation level is highly concentrated and the price is attracted to it like a magnet.

BTC does not have enough demand in the short term to sustain a rally of over $60k.

Traders can prepare for a bearish reversal on Monday, but should be wary of volatility.

BTC fell 16.2% between Monday, July 1 and Friday, July 5. After reaching a low of $535k, BTC rebounded 9.33% over the next day and a half. A sharp price drop could form a short-term range.

Follow the liquidation chart and price action to understand the future price action. Whales are accumulating BTC, but sentiment is low, and the movement of tokens flowing into exchanges is worrying.

The 4H chart shows that the price may form a range between $58,800 and $53,500. The median level of $56,200 acted as support when the price tried to rebound higher on July 5.

The H4 RSI is 44, facing rejection at the neutral level of 50. However, the RSI could move higher in the next day or two as the range highs attract BTC price towards them.

On the other hand, the OBV remains in a downtrend, warning bulls not to be fooled.

The liquidation heatmap for the past three months shows a high concentration of liquidation levels in the $55,500 region. This portion of liquidity has been swept up, and BTC may seek to push it north to the $73,000 liquidity zone in the coming weeks.

However, an immediate reversal is unlikely in the short term. Bulls need time to gather strength before they can move further up. The range pattern outlined earlier is expected to continue for a week. #BTC☀