Bitcoin’s price is showing strong upward momentum, but sellers are trying hard to keep it below the $60,000 mark to prevent a full recovery.
Bitcoin Price Shows Signs of Rebounding
Recent data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin (BTC) hit a high of $59,459 on Bitstamp on the day. As of now, BTC/USD has risen by 1.5%, bouncing back from “oversold” conditions.
Market watchers have been closely following the relative strength index (RSI), which had recently hit its lowest level in ten months. This indicator often signals potential reversals in price trends.
“Bullish signs on the daily chart are showing up,” said popular trader Daan Crypto Trades on X on July 9. “Watch for a potential breakout on the daily RSI in the near future.”
Another analyst, Rekt Capital, confirmed that the RSI divergence is starting to play out. Daan Crypto Trades highlighted $59,000 as a crucial level to surpass, while other traders focused on $58,400 as the next step in tackling resistance near $60,000.
Trader Justin Bennett predicted that if Bitcoin can reclaim $58,400, it might retest the $60,000 to $60,700 range. “What happens between $60,000 and $58,400 will influence whether Bitcoin hits $67,000 or drops to $48,000 next,” Bennett said.
Resistance and Market Outlook
CoinGlass data shows that liquidity is thin around the $60,000 level but is starting to build up. Most of the liquidity was cleared out during the day’s price increase.
As Bitcoin continues to test these key levels, upcoming U.S. economic data, including the Consumer Price Index and Producer Price Index, will be crucial in shaping its future price movements.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
