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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/7b923fdb-8f68-4087-bdfd-6ee5054add5a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<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).
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0baeabc8-f3fa-40eb-8eed-d6facf7457ad.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital/X
 </figcaption>
</figure>
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. 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0a773536-284b-4b09-bd09-3c96af08554d.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT vs. U.S. dollar liquidity. Source: Daan Crypto Trades/X
 </figcaption>
</figure>
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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/5b7d742c-d289-4cab-859b-f75c3243af89.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD vs. global central bank liquidity. Source: Cole Garner/X
 </figcaption>
</figure>
<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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/00ceb5eb-cf25-40f9-bf3b-6991075cb9d3.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/MatthewHyland_/status/1807974368313516070" target="_blank" rel="noopener nofollow">Matthew Hyland</a>
 </figcaption>
</figure>
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

Зміст

Cointelegraph

Інші статті, опубліковані 2 лип. 2024 р.

6 Upcoming Crypto For 10x Gains: Exploring High-Potential Tokens (July Updated)

Meme Coin Market Enters Stalemate: Pepe Unchained Presale Hits $1.9M First Week

Over $620M Liquidated: A Week of Shockwaves and Surprises in the Crypto

INX and Backed Launch On-Chain Tokenized NVIDIA Stock Trading

Notcoin (NOT) Forms Bullish Divergence, Faces Challenges Ahead

Cardano and Ethereum Bullish Breakouts Signal Major Gains

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!