Cryptocurrency Opinion and Analysis

BTC price taps $58K as vital Bitcoin bull market trendline reemerges

2024.07.09 12:08

Bitcoin (BTC) revisited $58,000 around the July 9 Wall Street open as the German government moved more of its BTC holdings.

BTC price taps $58K as vital Bitcoin bull market trendline reemergesBTC/USD 1-hour chart. Source: TradingView

BTC price unfazed as German gov’t moves continue

Data from Cointelegraph Markets Pro and TradingView showed upward BTC price momentum culminating in daily highs of $58,102 on Bitstamp.

The exchange was one of several involved in the latest round of transactions to and from a wallet belonging to the German state. Both inbound and outbound BTC transactions occurred on the day, the latter involving around 3,000 BTC at the time of writing.

The day prior saw another source of debate in the current market, coins belonging to defunct exchange Mt. Gox, also move onchain.

“Bitcoin market is still heavily influenced by psyops,” Ki Young Ju, CEO and founder of onchain analytics platform CryptoQuant, argued in a post on X (formerly Twitter).

“Govt BTC selling is negligible compared to overall liquidity, and most Mt. Gox BTC holdings haven’t moved to creditors. CT still blames the drop on govt selling. Smart money is replacing dumb money. We’re still early.”

In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital saw increased presence of “speculative” trading behavior.

“Despite thin liquidity, BTC and ETH have made higher lows this week, with dips bought up aggressively,” it observed.

“The market is highly reactive to supply movements, suggesting speculative selling pressure rather than real spot demand. This may indicate a market over-positioning for the downside.”

BTC/USD traded up 1.5% on the day, something which began to give some market observers cause for modest optimism.

“Bitcoin is showcasing some initial signs of stability after the crash,” one of them, popular trader and analyst Rekt Capital, told X followers.

Rekt Capital produced a chart showing the downward-sloping trendline in need of breaking for a full recovery to take place. It included relative strength index (RSI) data, which on daily timeframes was teasing bullish divergence with price.

“This Downtrend will be challenged if the Bullish Divergence plays out,” he added.

BTC price taps $58K as vital Bitcoin bull market trendline reemergesBTC/USD chart with RSI data. Source: Rekt Capital/X

Another chart revealed price reclaiming a support level at around $56,750, this coinciding with previous lows seen at the start of May.

BTC price taps $58K as vital Bitcoin bull market trendline reemergesBTC/USD chart. Source: Rekt Capital/X

Bitcoin analyst sees need for “catalyst”

Continuing, Keith Alan, co-founder of trading resource Material Indicators, was similarly cautious.

Related: Bitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025

BTC/USD, he said, still lacked momentum for a reclaim of levels lost in recent weeks, including the 200-day moving average (MA) at $58,822.

“This new Trend Precognition signal on the Bitcoin Daily signal indicates that price isn’t likely to go lower than yesterday’s candle ‘today,’” Material Indicators’ X account stated about one of its proprietary trading tools.

“For me, a push back down to $54.3k would invalidate. Seeing some moderate strength at the moment, but I think we need a catalyst or a fat block of BTC bid liquidity to reclaim the 200-Day Moving Average.”

BTC price taps $58K as vital Bitcoin bull market trendline reemergesBTC/USD chart. Source: Keith Alan/X

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.

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