Bitcoin sellers are trying to keep BTC price below $60K

Columns：Market analysis author：BTCZXW time：2024-07-10 18:09:02

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BTC price upside momentum is building, but liquidity is bunching at $60,000 in an attempt to keep the market from reclaiming lost ground.

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

$58,486

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.

“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.”

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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.

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

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