{"id":51191,"date":"2024-07-08T01:49:00","date_gmt":"2024-07-08T01:49:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-traders-bottom-is-in-btc-price-bounces"},"modified":"2024-07-08T03:33:56","modified_gmt":"2024-07-08T03:33:56","slug":"bitcoin-traders-hope-bottom-is-in-after-btc-price-bounces-9-from-lows","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51191","title":{"rendered":"Bitcoin traders hope bottom is in after BTC price bounces 9% from lows"},"content":{"rendered":"

<\/p>\n

Bitcoin (BTC) circled $57,000 into the July 7 weekly close as markets sprang back from \u201ctremendous downside deviation.\u201d<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Trader sees “positive signs” from BTC price daily closes<\/h2>\n

Data\u00a0showed BTC price action cementing a range roughly 8% above the week\u2019s $53,500 lows.<\/p>\n

These had come after the July 5 daily close, and represented the lowest levels for BTC\/USD since late February.<\/p>\n

Despite \u201cout of hours\u201d weekend trading, however, Bitcoin bulls managed to recover some lost ground, leaving the lows as an outlier at the time of writing.<\/p>\n

\u201cTremendous deviation to the downside in recent days,\u201d popular trader and analyst Rekt Capital summarized in one of his latest analysis posts on X (formerly Twitter).<\/p>\n

\u201cBut now that Bitcoin has most recently Daily Closed above the $56750 to protect this level as support… Bitcoin is showing positive signs to continuing the clustering around the Range Low area.\u201d<\/p><\/blockquote>\n

BTC\/USD chart. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

BTC\/USD ultimately just missed out on a pivotal price point at its most recent daily close, which came in at $58,250 versus the desired $58,450 \u2014 an achievement that Rekt Capital argued \u201cwould fuel upside to ~$60600.\u201d<\/p>\n

BTC\/USD chart. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

The latest live data from monitoring resource CoinGlass showed $58,018 as the level attracting the most liquidity to the upside at the time of writing, with price eating into bid support below $57,000.<\/p>\n

BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

BTC long liquidations from July 4 to 5 totaled more than $220 million, with the cross-crypto total at $750 million.<\/p>\n

Crypto liquidation (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Shorts then followed over the weekend, with popular trader Daan Crypto Trades noting some short positions closing out on the way to local highs of $58,500.<\/p>\n

Source: Daan Crypto Trades<\/em><\/figcaption><\/figure>\n

Bitcoin RSI fuels optimism<\/h2>\n

Others eyed encouraging signals among Bitcoin\u2019s relative strength index (RSI) readings on daily timeframes, including a bullish divergence.<\/p>\n

\u201cI initially targeted 52k, but it seems the bulls might have front-run me,\u201d social media analyst Wolf told X followers on July 6.<\/p>\n

\u201cThere’s a notable bullish divergence on the daily RSI, and the broadening wedge pattern adds further interest.\u201d<\/p><\/blockquote>\n

BTC\/USD chart with RSI data. Source: Wolf\/X<\/em><\/figcaption><\/figure>\n

Trader, analyst and podcast host Scott Melker, known as the \u201cWolf of All Streets,\u201d even suggested that the strength of the latest daily close could have implications for a longer-term BTC price floor.<\/p>\n

\u201cThis is exactly what we are looking for. If we get a strong close today, then odds are the bottom of this correction is in,\u201d part of his latest X post read.<\/p>\n

\u201cIf we close with a clear elbow up on RSI we are looking great. And RSI oversold again.\u201d<\/p><\/blockquote>\n

BTC\/USD 1-day chart with RSI data. Source: TradingView<\/em><\/figcaption><\/figure>\n

Daily RSI stood at 32.7 at the time of writing, plumbing its most “oversold” zone since August 2023.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) circled $57,000 into the July 7 weekly close as markets sprang back from \u201ctremendous downside deviation.\u201d BTC\/USD 1-hour chart. Source: TradingView Trader sees “positive signs” from BTC price daily closes Data\u00a0showed BTC price … Bitcoin traders hope bottom is in after BTC price bounces 9% from lows<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,2127,2088,6918,6955],"class_list":["post-51191","post","type-post","status-publish","format-standard","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-crypto","tag-crypto-invest","tag-crypto-scams","tag-paying-online","exalt-entry"],"yoast_head":"\nBitcoin traders hope bottom is in after BTC price bounces 9% from lows - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51191\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin traders hope bottom is in after BTC price bounces 9% from lows - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) circled $57,000 into the July 7 weekly close as markets sprang back from \u201ctremendous downside deviation.\u201d BTC\/USD 1-hour chart. 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