Bitcoin (BTC) set its sights on $63,000 on July 2 as interest pivoted towards broader liquidity shifts.
BTC/USD 1-hour chart. Source: TradingView
In regards to global liquidity, a Bitcoin analyst expressed enthusiasm, stating, “You love to see it.” Data from Cointelegraph Markets Pro and TradingView indicated BTC’s price action striving to solidify gains in conjunction with the monthly closure. Despite facing challenges in surpassing crucial resistance levels above $64,000, Bitcoin traders found renewed optimism as July kicked off.
“Bitcoin has recommenced its upward trajectory,” summarized the well-known trader and analyst Rekt Capital in a post on X (formerly Twitter).
BTC/USD chart. Source: Rekt Capital/X
Emphasizing the monthly closure as a significant display of strength, Rekt Capital showcased a breakout from the downtrend that characterized June. He elaborated, stating, “The objective? To establish a groundwork from which it can propel towards the Range High region at approximately $71,500 in due course.”
Meanwhile, trader Daan Crypto Trades spotlighted the trends in United States dollar liquidity, a critical factor for crypto market performance, as reported by Cointelegraph. He stated, “Throughout this period, the BTC price has largely correlated with USD Liquidity,” alongside a comparative chart on the day.
BTC/USDT vs. U.S. dollar liquidity. Source: Daan Crypto Trades/X
Market analyst Cole Garner suggested that recent adjustments in Federal Reserve liquidity might have a palpable short-term influence on BTC’s price resilience. He noted, “Significant Fed Net Liquidity rate-of-change surge in 15 months.”
BTC/USD vs. global central bank liquidity. Source: Cole Garner/X
Bollinger Bands hint at an impending BTC price surge as technical indicators point towards heightened volatility in Bitcoin soon. On weekly timeframes, Bollinger Bands were narrowing to levels witnessed only a few times in Bitcoin’s past – commonly a herald of significant price movements. This observation was made by the renowned analyst Matthew Hyland.
This text is purely informative and does not serve as investment advice or recommendations. It’s crucial for individuals to conduct their own research prior to making any investment or trading decisions.