Bitcoin

Rekt

Bitcoin&nbsp;circled $57,000 into the July 7 weekly close as markets sprang back from “tremendous downside deviation.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/6dfb6b3f-61c7-4dae-b7f8-bafc0c65f463.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="trader-sees-positive-signs-from-btc-price-daily-closes">Trader sees “positive signs” from BTC price daily closes</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 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price action cementing a range roughly 8% above the week’s $53,500 lows.
These had come after the July 5 daily close and represented the lowest levels for BTC/USD <a href="https://cointelegraph.com/news/bitcoin-ichimoku-cloud-btc-price-bounces-4-month-low">since late February</a>.
Despite “out of hours” weekend trading, however, Bitcoin bulls managed to recover some lost ground, leaving the lows as an outlier at the time of writing.
“Tremendous deviation to the downside in recent days,” popular trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1809665030318657984" target="_blank" rel="noopener nofollow">summarized</a> in one of his latest analysis posts on X (formerly Twitter).
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 “But now that Bitcoin has most recently Daily Closed above the $56750 to protect this level as support... Bitcoin is showing positive signs to continuing the clustering around the Range Low area.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/dc70506d-0009-42ec-88d8-06b31fae9ccd.jpeg" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 BTC/USD chart. Source: Rekt Capital/X
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BTC/USD ultimately just missed out on a pivotal price point at its most recent daily close, which came in at $58,250 versus the desired $58,450 — an achievement that Rekt Capital <a href="https://x.com/rektcapital/status/1809733291546959886" target="_blank" rel="noopener nofollow">argued</a> “would fuel upside to ~$60600.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/d9bc85fb-3e01-4fd3-9d5b-77d919dc20e5.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 BTC/USD chart. Source: Rekt Capital/X
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The latest live data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> showed $58,018 as the level attracting the most liquidity to the upside at the time of writing, with the price eating into bid support below $57,000.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/17c6a8c4-661c-44c8-9ee2-ec22001ab4c5.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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BTC long liquidations from July 4 to 5 totaled more than $220 million, with the cross-crypto total at $750 million.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/fb1c71e9-70eb-449f-bcc4-e4aed5265bbc.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 Crypto liquidation (screenshot). Source: CoinGlass
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Shorts then followed over the weekend, with popular trader Daan Crypto Trades noting some short positions closing out on the way to local highs of $58,500.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/6b4bb37f-8278-4a0f-a2e6-f5b037fe2154.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 Source: Daan Crypto Trades
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<h2 data-ct-non-breakable="true" id="bitcoin-rsi-fuels-optimism">Bitcoin RSI fuels optimism</h2>
Others eyed encouraging signals among Bitcoin’s relative strength index (RSI) readings on daily timeframes, including a bullish divergence.
Related: <a href="https://cointelegraph.com/news/bitcoin-sales-govt-225b-bull-market-inflows-analyst">Bitcoin sales by gov’ts just 4% of $225B bull market inflows — Analyst</a>
“I initially targeted 52k, but it seems the bulls might have front-run me,” social media analyst Wolf <a href="https://x.com/IamCryptoWolf/status/1809627944471458017" target="_blank" rel="noopener nofollow">told</a> X followers on July 6. 
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 “There’s a notable bullish divergence on the daily RSI, and the broadening wedge pattern adds further interest.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/93323bf9-935d-4db2-a416-076493ba605e.jpeg" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
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 BTC/USD chart with RSI data. Source: Wolf/X
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Trader, analyst and podcast host Scott Melker, known as the “Wolf Of All Streets,” even suggested that the strength of the latest daily close could have implications for a longer-term BTC price floor.
“This is exactly what we are looking for. If we get a strong close today, then odds are the bottom of this correction is in,” part of his latest X&nbsp;<a href="https://x.com/scottmelker/status/1809643484451676660" target="_blank" rel="noopener nofollow">post</a> read.
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 “If we close with a clear elbow up on RSI we are looking great. And RSI oversold again.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/da2bc351-d514-48c4-bf6c-bdb4146b8a73.png" alt="Bitcoin traders hope bottom is in after BTC price bounces 9% from lows" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart with RSI data. Source: TradingView
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Daily RSI stood at 32.7 at the time of writing, plumbing its most “oversold” zone since August 2023.
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 traders hope bottom is in after BTC price bounces 9% from lows

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