July 14, 2024
Bitcoin Price is $57,718 as Sellers Strive to Keep It Below $60K
Bitcoin price today

Bitcoin Price is $57,718 as Sellers Strive to Keep It Below $60K

Wednesday, July 10, 2024: Bitcoin Price Today is $57,718. Bitcoin approached the $60,000 threshold as optimistic traders concerted to hold onto important trendline support. TradingView data revealed that on that particular day, the Bitcoin price peaked on Bitstamp at $59,459.

BTC/USD 1-day chart. Source: TradingView

Asia Trading Session Sees Swift Gains

Fast gains were made by Bitcoin during the Asia trading session; as of this writing, BTC/USD was up 1.5%. The couple recovered from traditional “oversold” circumstances, which had been the talk of the market. The relative strength index (RSI) circled its lowest points over the previous 10 months.

Source: Kevin Svenson

On July 9, renowned trader Daan Crypto Trades posted on X (formerly Twitter) with the comment, “Bullish divergences on the daily confirmed.” Rekt Capital, a well-known trader, and analyst, noted afterward that the RSI divergence was in fact “playing out.”

“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

Key Price Levels and Resistance

While some analysts pointed to $58,400 as the critical level in the attempt to overcome resistance near $60,000. Daan Crypto Trades cited $59,000 as the “main price level” to recapture. “If $BTC can reclaim $58,400, a $60,000-$60,700 retest is likely,” predicted trader Justin Bennett.

“What happens between $60k and $58,400 will determine whether Bitcoin sees $67k or $48k next.”

BTC/USDT perp chart. Source: Justin Bennett

Bennett also emphasized the significance of impending US macroeconomic data points, particularly the Producer Price Index and Consumer Price Index, as pivotal occasions for the performance of the Bitcoin market.

Liquidity and Moving Averages

As of the time of writing, the majority of the liquidity at the $58,400 mark had been cleared during the day’s upward push, according to monitoring resource CoinGlass.

“Bitcoin is now challenging the 1.5-month Downtrend for a breakout attempt,” stated Rekt Capital.

BTC/USD chart. Source: Rekt Capital

The battle between the 200-day and 99-day moving averages (MAs) has been the main driver of current BTC price activity. At the moment, BTC/USD is trapped between these two important levels. The outcome of this moving average war could have a significant impact on where Bitcoin goes next as traders watch for levels above $60,000.

Image by Eivind Pedersen from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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