BTC Price Rebounds Strongly: Weekly Close Could Fuel Next Leg Up
With expectations that the BTC price fall was finished, the cryptocurrency held $105,500 as it approached the weekly close on June 8. After hitting $100,500 on June 5, data from Cointelegraph Markets Pro and TradingView showed that the price of BTC/USD was solidifying its recovery. Bitcoin has already nearly returned to its weekly open level, encouraging traders to place bets on the bull run’s continuation and restart.
On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend (light blue) while also turning it into support earlier today. Daily Closing & retesting ~$106600 (black) would be even better to enable trend continuation.
popular trader and analyst Rekt Capital
BTC Set for Volatile Week as Liquidity Magnet Forms Above and Below Spot
A daily close above the 10-day simple moving average (SMA) had already been reached by the Bitcoin price, which fellow trader SuperBro stated was necessary to disprove the bear thesis. In this regard, for clues about the direction of the price, trader Cas Abbe turned to order book liquidity. Because this was developing both above and below the spot price, Abbe anticipated a move akin to a magnet to seize it. Negative financing rates suggested that large short positions would emerge over the weekend, according to Abbe.
BTC liquidation cluster is now signalling an upside move. If BTC pumps 10% from here, $15.11 billion in shorts will get liquidated. Meanwhile a 10% downside move will liquidate $9.58 billion in longs. I think BTC big move is coming next week, possibly pushing it above $109K-$110K,
Abbe
CrypNuevo Eyes $100K as Prime Entry Point for Long-Term BTC Bets
Some first recognized the possibility of additional support retests. Renowned trader CrypNuevo updated his market forecast and stated that $100,000 is a reasonable point for long-term bets on Bitcoin.
100k is the strongest psychological support so, as explained on Sunday, it’s the area where I’m building some longs with easy invalidation below it,
CrypNuevo
On the other hand, Rekt Capital called the support retest following May’s record highs on weekly timescales a triumph.
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