Bitcoin Rebounds Above $60,000 Once More: July 2, 2024 Analysis
Bitcoin has shown resilience after dropping to $58,500, swiftly climbing back above $60,000. This price level aligns with the lower end of the range established since March 2024. The rebound sparked buying interest, propelling the Bitcoin price above $62,300, a level that previously acted as short-term resistance. Subsequently, Bitcoin surged past $63,000, reaching a new peak near $63,700, maintaining a position above the Point of Control (POC) established during the rebound.
Presently, Bitcoin is trading around $62,600. While the medium to long-term outlook for Bitcoin remains positive, its position below the 50-day moving average raises questions about the sustainability of this trend. Despite this, the 200-day moving average, still below the Bitcoin price and trending upwards, provides a reassuring indicator. The price dynamics have displayed renewed strength, evident in the BTC price and the oscillators, signaling genuine buying interest and hinting at a continuing bullish reversal for the Bitcoin price.
Technical analysis, conducted in partnership with Elie FT, a cryptocurrency market investor and trader, reveals a focus on Bitcoin perpetual contracts. The open interest in these contracts mirrored the price movement of Bitcoin, with speculators entering the market following the return to $60,000. The liquidation data indicates a predominance of seller exits, coupled with a positive funding rate, suggesting that new positions on BTC/USDT contracts are likely inclined towards buying.
The liquidation heatmap highlights significant interest around $60,000, with major zones at $65,000 and $67,500 still above the current price. Further zones at $56,850 and $56,500 to $55,500 could trigger substantial orders, potentially elevating the cryptocurrency’s volatility. These levels are crucial points of focus for investors.
Regarding future price scenarios for Bitcoin, staying above $60,000 could pave the way for a return above $64,500, with potential resistance at $67,000 and beyond. Conversely, failing to hold above $60,000 may find support between $59,000 and $58,500, with further levels at $57,500 and the range of $56,500 to $55,500.
In conclusion, Bitcoin’s recent rebound signals a positive trajectory, with the medium and long-term outlook remaining bullish. However, monitoring price reactions at key levels is essential to confirm or refute current hypotheses. Vigilance against potential market fluctuations and a recognition of the influence of technical and fundamental factors on cryptocurrency prices are vital considerations for investors.
