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Bitcoin Price Demonstrates Initial Stability Following Recent Crash, Trader Reports

Bitcoin has shown initial signs of stability in its daily chart structure following the recent crash, as noted by trader Rekt Capital. The cryptocurrency is nearing its previous “June downtrend” line, with potential resistance to be tested in a bullish divergence scenario.

Rekt Capital highlighted that Bitcoin failed to close above the $58,350 level on the daily chart on July 7th, marking it as a point of price rejection. Despite this, Bitcoin managed to maintain support at $56,750.

On a weekly basis, Rekt Capital emphasized the significance of reclaiming the $60,600 level for Bitcoin to regain upward momentum. The trader emphasized the importance of a quarterly closure above the $58,790 price zone for future price movements.

Another trader known as Altcoin Sherpa expressed concerns about Bitcoin’s daily chart, mentioning the formation of lower highs and a lower low recently. Altcoin Sherpa stressed the need for Bitcoin to surpass $64,000 convincingly before confirming a positive trend reversal.

While signs of stability are evident, uncertainties remain about Bitcoin’s ability to sustain its current price levels in the near term. Traders are closely monitoring key price levels and chart patterns to gauge the cryptocurrency’s future trajectory.