Bitcoin

Notable

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/traders-analyze-bitcoins-price-movements-and-rsi-trends/" data-wpel-link="internal">Traders Analyze Bitcoin’s Price Movements and RSI Trends</a> 
While bulls struggle for basic trendline support, <a href="https://en.coin-turk.com/sleeping-bitcoin-whale-stirs-after-years-makes-million-dollar-move/" data-wpel-link="internal">Bitcoin</a> closed at $60,000 on July 9. Data from TradingView confirmed that Bitcoin’s price rose to $59,459 on centralized crypto exchanges during the day. Rapid gains during the Asian trading session led BTC/USD to a 1.5% increase at the time of writing, recovering from oversold conditions. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-bitcoin">What’s Happening with Bitcoin?</h2> 
Amid these developments, the relative strength index (RSI) surrounding the lowest levels in 10 months was widely discussed by market participants. Popular trader Daan Crypto Trades wrote in a post on X on July 9: 
<blockquote> 
 “The daily bullish trend is confirmed. Be cautious of a high time frame breakout on the daily RSI at some point in the future.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369424 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/daan-crypto.jpg" alt="" width="1200" height="753"> 
Popular trader and analyst Rekt Capital later noted the emergence of RSI divergence. While Daan Crypto Trades marked $59,000 as the main price level to reclaim, others aimed for $58,400 in the race to overcome resistance around $60,000. Analyst Justin Bennett shared the following insights: 
<blockquote> 
 “If Bitcoin can reclaim $58,400, a retest of $60,000-$60,700 is likely. What happens between $60,000 and $58,400 will determine if Bitcoin sees $67,000 or $48,000 next.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369423 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-yorum.webp" alt="" width="1646" height="868"> 
Bennett emphasized that upcoming U.S. macroeconomic data in the form of the Consumer Price Index and Producer Price Index will be critical events for Bitcoin <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market performance</a>. 
<h2 class="p1" style="text-align: justify" id="notable-details-for-bitcoin">Notable Details for Bitcoin</h2> 
Meanwhile, the latest data from blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CoinGlass showed weak liquidity at this key level, but it increased at the time of writing, with the majority clearing during the day’s rise. Rekt Capital commented: 
<blockquote> 
 “Bitcoin is currently challenging a 1.5-month downtrend for a breakout attempt.” 
 <img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369422 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-liq-1.png" alt="" width="1121" height="712"> 
</blockquote> 
The current Bitcoin price activity involves a struggle for both the 99-day and 200-day moving averages, with the BTC/USD pair now trapped between them. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-369421 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/rekt-3.jpg" alt="" width="1794" height="1266"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/traders-analyze-bitcoins-price-movements-and-rsi-trends/" data-wpel-link="internal">Traders Analyze Bitcoin’s Price Movements and RSI Trends</a></h5>

Traders Analyze Bitcoin’s Price Movements and RSI Trends

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