Bitcoin sellers are trying to keep BTC price below $60K
2024.07.10 05:21
Bitcoin closed in on $60,000 on July 10 as bulls fought for key trendline support.
BTC/USD 1-day chart. Source: TradingView
BTC price RSI delivers classic rebound
Data from Cointelegraph Markets Pro and TradingView confirmed Bitcoin (BTC) price highs of $59,459 on Bitstamp on the day.
Swift gains into the Asia trading session left BTC/USD up 1.5% at the time of writing, with the pair bouncing from classic “oversold” conditions.
These had been widely discussed by market participants, in particular the relative strength index (RSI), which circled its lowest levels in 10 months.
Source: Kevin Svenson
“Bullish divergences on the daily confirmed,” popular trader Daan Crypto Trades wrote in part of a post on X on July 9.
“Be on the look out for an overall high timeframe break out on the daily RSI at some point in the future.”
BTC/USD chart. Source: Daan Crypto Trades
Popular trader and analyst Rekt Capital subsequently said that the RSI divergence was “playing out.”
Daan Crypto Trades flagged $59,000 as the “main price level” to reclaim, while others leaned toward $58,400 in the race to tackle resistance in the $60,000 vicinity.
“If $BTC can reclaim $58,400, a $60,000-$60,700 retest is likely,” trader Justin Bennett predicted.
“What happens between $60k and $58,400 will determine whether Bitcoin sees $67k or $48k next.”
BTC/USDT perp chart. Source: Justin Bennett
Bennett stressed that upcoming United States macroeconomic data prints in the form of the Consumer Price Index and Producer Price Index would be crunch events for Bitcoin market performance.
Bitcoin bears line up resistance of last resort
The latest data from monitoring resource CoinGlass meanwhile showed thin liquidity at that key level but building at the time of writing, with the majority cleared during the day’s push higher.
Related: Bitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025
BTC liquidation heatmap (screenshot). Source: CoinGlass
“Bitcoin is now challenging the 1.5-month Downtrend for a breakout attempt,” Rekt Capital continued.
BTC/USD chart. Source: Rekt Capital
Current BTC price activity includes a battle for both the 99-day and 200-day moving averages (MAs), with BTC/USD now sandwiched between them.
BTC/USD 1-hour chart with 99, 200-day MA. Source: TradingView
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.
