Bitcoin

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s demand is insufficient for a short-term rally beyond $60k.</li>
 <li>Traders should prepare for a bearish reversal, but be aware of potential volatility.</li>
</ul>
<p>Bitcoin’s short-term demand is inadequate to sustain a rally beyond $60,000. Traders should brace for a potential bearish reversal early next week, but also remain vigilant for possible volatility.</p>
<p>From the 1st to the 5th of July, <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> [BTC] experienced a 16.2% drop. After hitting a low of $53.5k, BTC recovered by 9.33% in the subsequent 36 hours. This sharp decline in price may lead to the establishment of a short-term range.</p>
<h2 id="analyzing-bitcoin-s-price-trend">Analyzing Bitcoin’s Price Trend</h2>
<p>The liquidation charts and price action were analyzed to predict the potential price trend for the coming week. While there was an accumulation of BTC by whales, the sentiment remained weak, with the movement of the coin onto exchanges raising concerns.</p>
<p>The 4-hour chart indicated a possible range formation between $58.8k and $53.5k. The mid-range level of $56.2k served as a support on the 5th of July when prices attempted to bounce back. The H4 RSI stood at 44 and was rejected at neutral 50. However, the RSI is likely to rise in the next couple of days as the range highs beckon BTC prices.</p>
<p>Despite this, the OBV maintained a downtrend, cautioning bulls against taking the bait. The liquidation heatmap of the past three months revealed a high concentration of liquidation levels around the $55.5k region. In the coming weeks, BTC may seek to push it northward to the $73k liquidity zone.</p>
<h2 id="key-bitcoin-price-levels">Key Bitcoin Price Levels</h2>
<p>The 7-day liquidation heatmap showed that the $59k-$59.3k zone has clustered liquidation levels, aligning well with the $58.8k range highs. This magnetic zone below $60k is likely to attract Bitcoin prices.</p>
<p>The liquidation levels also indicated that the cumulative liq levels delta remained largely negative but has slightly retreated since its peak on the 5th of July. Therefore, an upward movement to target the overleveraged short sellers might begin on Monday, the 8th of July.</p>
<p>While Bitcoin lacks the bullish sentiment or demand to fuel a swift rally, traders should not disregard the potential for a breakout past $60k. Currently, a bearish reversal from the $59.2k area is expected, with volatility around the New York Open at 1 PM UTC on Monday being a potential risk.</p>

Navigating the Upcoming Bitcoin Range Formation: A Comprehensive Guide

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CoinEagle.com

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