BTC price lower highs control Bitcoin bears at $70k
Bitcoin (BTC) is seeing lower highs as sellers fend off attempts to break all-time highs – and traders are now paying attention.
BTC price hovers in the “middle of nowhere”.
Data from Cointelegraph Markets Pro and TradingView show that the area around $70,000 is firmly defining the scope of the July BTC price rebound.
Bitcoin bulls may want nothing more than a rematch of the all-time high of $73,800 from March, but sellers have maintained control since that hit.
Now, traders are adding to the event as they play more often, sending BTC/USD lower on each occasion to maintain the now five-month trade.
For popular trader Daan CryptoTrades, this amounts to more than $70,000.
“Bitcoin has two lows in close proximity to each other. A lot of liquidity is likely to sit above these levels looking at losses/liquidity levels from shorts,” he partially summarized in a July 30 X post.
Like others, Daan CryptoTrades noted that $72,000 is now the line in the sand for bulls to cross, and that buying liquidity is below the spot price. As Cointelegraph reports, the analysis sees this coming into play if BTC/USD falls below $64,000.
“Also, seeing as it's an all-time high, I think we'll break it all after we top June 7,” the Post forecast.
“We've got some wichs on the lower side around $63k to $63.5k. Basically, it's pretty in the middle here. “
The bottom-high cycle also didn't go unnoticed by popular trader and analyst Josh Rager.
Daan echoed Crypto Trades, telling his X followers that he was “not interested” in trading the current setup without a firm stop motion.
“Not much has changed here for $BTC,” he concluded about the daily chart since the March highs.
“I've paid close to a day and I'll be interested again.”
A Cool Trip to Bitcoin's All-Time High?
Others were skeptical of the short-term strength that had already brought Bitcoin to the $70,000 mark.
Related: US National Debt Passes $35T — 5 Things to Know in Bitcoin This Week
For the fake trader known as Horse on X, the lack of real position buyer interest caused the longevity of the move to come to an immediate halt.
“Finally we have a variation of this range, but it's the OI, not the price,” he explained, referring to the open demand of the X post section.
Horse argued that opening long near the weekend's highs would be “poor”, comparing the current landscape to what should be a long-term setup for crypto as a whole.
“The depth of the market has changed uncomfortably across the board, but this in itself is impractical, because it is often in the negative book delta (0-5%, 5-10% ranges bid/quests),” he concluded about order book data.
“That means the trip up is a little bit smoother and smoother before things start to slide.”
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.
