BTC Price Analysis: Understanding Bitcoin Market Sentiment After Price Increase

BTC Price Analysis: Bitcoin Traders’ Optimism Grows as Price Bounces 9%

Cointelegraph Markets Pro and TradingView data revealed that the Bitcoin price solidified a range that was almost 8% above the $53,500 lows of the previous week. These were the lowest values for BTC/USD since late February, and they occurred following the daily close on July 5.

The present lows are an anomaly since, despite weekend trading that occurred after business hours, Bitcoin bulls were able to reclaim some lost ground. In one of his posts on X, prominent trader and analyst Rekt Capital summarized the recent huge deviation to the downside.

But now that Bitcoin has most recently closed above the $56750 to protect this level as support… Bitcoin is showing positive signs to continuing the clustering around the Range Low area.

Rekt Capital

Bitcoin Reaches $58,018 According to CoinGlass Data: Short Positions Closing

At the time of writing, $58,018 was the level drawing the greatest liquidity upward, according to the most recent live data from CoinGlass, with the price eating into bid support below $57,000. Over $220 million was liquidated in BTC between July 4 and 5, with a total of $750 million in cross-crypto transactions. Over the weekend, short positions emerged as well. Famous trader Daan Crypto Trades saw that some short positions closed out en route to the local highs of $58,500.

• Also, positive trends were seen in the daily readings of Bitcoin’s relative strength index (RSI), such as bullish divergence.
• According to Scott Melker, there may be consequences for a longer-term BTC price floor depending on how strong the most recent daily close was.
• As of the time of writing, the daily RSI was 43.78.

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