After the price of BTC rose from the low of 9%, Bitcoin traders hope that the bottom level will be reached

Bitcoin (BTC) topped $57,000 at the weekly close on July 7 as markets bounced back from a “dramatic bearish divergence.”

A trader sees “positive signs” from the daily close of BTC price.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action up more than 8% from weekly lows of $53,500.

These come after the daily close of July 5, and represent the lowest levels for BTC/USD since late February.

However, despite “out of hours” trading over the weekend, Bitcoin bulls managed to regain some of the lost ground, leaving the lows as an outlier at the time of writing.

Prominent trader and analyst Rect Capital summed up X (formerly Twitter) as a “significant reversal in recent days” in a recent analysis.

But now Bitcoin recently closed above $56750 to maintain this level as support… Bitcoin is showing positive signs to continue its rally around the Range Low area.

BTC/USD finally missed the critical price point reached at $58,250 and the desired $58,450 at the close of the daily high – a success that Rect Capital argues will “raise to ~60600”.

The latest live data of the tracking resource CoinGlass showed $58,018 level, the most liquid upward pull level at the time of this writing, with price eating to bid support of $57,000.

From July 4th to 5th, the BTC long liquidation exceeded $220 million, the cross-crypto reached a total of $750 million.

Shorts then followed through the weekend, with noted trader Diane CryptoTrades citing some short positions that closed around $58,500 at domestic highs.

Bitcoin RSI worsens optimism

Others have observed encouraging signs among Bitcoin's Relative Strength Index (RSI) readings on daily timeframes.

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“I initially set a target of 52k, but it looks like the bulls are running in front of me,” social media analyst Wolff told X followers on July 6.

“There is a significant bullish divergence on the daily RSI, and the broader wedge pattern adds more interest.”

Trader, analyst, and podcast host Scott Melker, known as the “Wolf of All Streets,” suggested that the strength of the recent daily close could have implications for the long-term BTC price floor.

“This is exactly what we want. If we start a strong close today, chances are it's the bottom of this correction,” read X's latest post.

“If we close with a clear arm on the RSI, we are doing well. And RSI is again oversold.

The daily RSI stands at 32.7 at the time of writing, piping its most “oversold” zone since August 2023.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.