Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) is seeing lower highs as sellers foil attempts to crack all-time highs — and traders are now paying attention.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/a278050f-9b24-45fe-b7a7-b7506691b6c4.png" alt="BTC price lower highs keep Bitcoin bears in control at $70K" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-s-price-drifts-in-middle-of-nowhere">BTC’s price drifts in “middle of nowhere”</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> shows the area around $70,000 firmly dictating the limits of July’s BTC price rebound.
Bitcoin bulls may want nothing more than a rematch with $73,800 all-time highs from March, but since they hit, sellers have maintained control.
Now, traders are increasingly eyeing the phenomenon as it <a href="https://cointelegraph.com/news/bitcoin-trader-60k-bears-btc-price-rejection">plays out multiple times</a>, sending BTC/USD downhill on each occasion to preserve what is now a five-month trading range.
For popular trader Daan Crypto Trades, this speaks to how much liquidity lies above $70,000. 
“Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts,” he <a href="https://x.com/DaanCrypto/status/1818375683992670268" target="_blank" rel="noopener nofollow">summarized</a> in part of an X post on July 30. 
<a href="https://cointelegraph.com/news/btc-price-retest-72k-bitcoin-7b-liquidation">Like others</a>, Daan Crypto Trades suggested that $72,000 is now the line in the sand for bulls to cross and also referenced buy-liquidity lying below the spot price. As <a href="https://cointelegraph.com/news/bitcoin-analysis-warns-btc-price-liquidations-will-start-below-64k">Cointelegraph reported</a>, analysis sees this coming into play should BTC/USD drop below $64,000.
“Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all,” the post forecast. 
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 “On the downside we got some wicks around $63K-$63.5K which likely got some long stops below. Basically pretty much in the middle of nowhere here.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/8d1ca1b9-079a-4ee2-8036-aa6d7c05fdd2.png" alt="BTC price lower highs keep Bitcoin bears in control at $70K" title="">
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 BTC/USD chart. Source: Daan Crypto Trades/X
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The lower high cycle has also not gone unnoticed by popular trader and analyst Josh Rager.
Echoing Daan Crypto Trades, he <a href="https://x.com/Rager/status/1818408822236467475/photo/1" target="_blank" rel="noopener nofollow">told</a> X followers that he is not “interested” in trading the current setup without a firm breakout move.
“Not much has changed here for BTC,” he concluded about the daily chart since the March highs.
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 “Get a daily close higher and I’ll be interested again.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/0ccf32b6-2eac-4856-a1e5-6133a68436ff.png" alt="BTC price lower highs keep Bitcoin bears in control at $70K" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Josh Rager/X
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<h2 data-ct-non-breakable="true" id="a-cooler-ride-to-bitcoin-all-time-highs">A cooler ride to Bitcoin all-time highs?</h2>
Others were already suspicious of the strength of Bitcoin’s recent brief spike to the $70,000 mark.
Related: <a href="https://cointelegraph.com/news/us-national-debt-passes-35t-5-things-bitcoin-this-week">US national debt passes $35T — 5 things to know in Bitcoin this week</a>
For the pseudonymous trader known as Horse on X, a lack of genuine spot buyer interest placed the longevity of the move in question almost immediately.
“We finally have a breakout of this range, but it is OI, not price,” part of an X&nbsp;<a href="https://x.com/TheFlowHorse/status/1817901801938522603" target="_blank" rel="noopener nofollow">post</a> explained, referring to open interest.
Horse argued that opening longs near weekend highs would be “poor,” contrasting the current landscape with what should be a bullish long-term setup for crypto as a whole.
“Market depth has shifted unfavorably across the board, but this on its own is non-actionable, as plenty of times we have trended up on negative book delta (0-5%, 5-10% ranges bid/ask depths),” he concluded about order book data. 
<blockquote data-ct-non-breakable="true">
 “This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
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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.

BTC price lower highs keep Bitcoin bears in control at $70K

Съдържание

Cointelegraph

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