Bitcoin

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) focused on $63,000 on July 2 as attention switched to macro liquidity changes.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/7b923fdb-8f68-4087-bdfd-6ee5054add5a.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-analyst-on-global-liquidity-you-love-to-see-it">Bitcoin analyst on global liquidity: “You love to see it”</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price action attempting to cement gains, which accompanied the monthly close.
Despite an overall failure to tackle key resistance levels above $64,000, Bitcoin traders had renewed cause for optimism as July got underway.
“Bitcoin has resumed its uptrend,” popular trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1807836695489831316" target="_blank" rel="noopener nofollow">summarized</a> in one of several news posts on X (formerly Twitter).
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/0baeabc8-f3fa-40eb-8eed-d6facf7457ad.png" alt="" title="">
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 BTC/USD chart. Source: Rekt Capital/X
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Rekt Capital highlighted the monthly close as a key sign of strength, with a chart showing a <a href="https://x.com/rektcapital/status/1807834534391521596/photo/1" target="_blank" rel="noopener nofollow">breakout from the downtrend</a> that characterized June.
“The goal? To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time,” he <a href="https://x.com/rektcapital/status/1807835757249454144" target="_blank" rel="noopener nofollow">explained</a>.
Fellow trader Daan Crypto Trades, meanwhile, placed emphasis on United States dollar liquidity trends. As <a href="https://cointelegraph.com/news/bitcoin-price-rebound-10-days-fed-liquidity-higher">Cointelegraph reported</a>, these are crucial for crypto market performance, with expectations of positive repercussions increasing last month.
“During this range, the BTC price has moved mostly in line with USD Liquidity,” he <a href="https://x.com/DaanCrypto/status/1808092164510847101" target="_blank" rel="noopener nofollow">asserted</a> on the day alongside a comparative chart. 
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 “We just saw a big decrease into a nice move up during this end of the quarter into the new quarter. Liquidity has moved little this year but both BTC &amp; Stocks have been front running a future expansion of USD liquidity.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/0a773536-284b-4b09-bd09-3c96af08554d.png" alt="" title="">
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 BTC/USDT vs. U.S. dollar liquidity. Source: Daan Crypto Trades/X
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Market analyst Cole Garner went further, suggesting that recent Federal Reserve liquidity changes could have a tangible short-term impact on BTC price strength.
“Biggest Fed Net Liquidity rate-of-change spike in 15 months,” he <a href="https://x.com/ColeGarnersTake/status/1808002673217884277" target="_blank" rel="noopener nofollow">observed</a>. 
<blockquote data-ct-non-breakable="true">
 “Last time that happened, bitcoin rose ~40% in one week. Not assuming a repeat, but you love to see it.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/5b7d742c-d289-4cab-859b-f75c3243af89.png" alt="" title="">
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 BTC/USD vs. global central bank liquidity. Source: Cole Garner/X
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<h2 data-ct-non-breakable="true" id="bollinger-bands-demand-btc-price-breakout">Bollinger Bands demand BTC price breakout</h2>
Technical indicator data likewise teased signs of increased volatility hitting Bitcoin next.
Related: <a href="https://cointelegraph.com/news/sub-60k-bear-trap-5-things-bitcoin-this-week">Was sub-$60K a bear trap? 5 things to know in Bitcoin this week</a>
On weekly timeframes, <a href="https://cointelegraph.com/news/bollinger-bands-how-to-use-in-crypto-trading">Bollinger Bands</a> were constricting to levels only seen a handful of times in Bitcoin’s history — a classic precursor to major breakouts.
The phenomenon was observed on X by popular analyst Matthew Hyland.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/00ceb5eb-cf25-40f9-bf3b-6991075cb9d3.png" alt="" title="">
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 Source: <a href="https://x.com/MatthewHyland_/status/1807974368313516070" target="_blank" rel="noopener nofollow">Matthew Hyland</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin circles $63K as liquidity sparks hopes of 40% BTC price gains

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