Bitcoin Sellers Aim to Cap BTC Price Under $60,000

Bitcoin approached the $60,000 mark on July 10 as bullish investors strived to maintain crucial trendline support.

According to TradingView, Bitcoin peaked at $59,459 on Bitstamp during the day.

Rapid gains in the Asian trading session resulted in BTC/USD rising by 1.5% at the time of writing, as the pair recovered from traditional “oversold” conditions.

Market participants had heavily discussed these conditions, especially the relative strength index (RSI), which had dropped to its lowest point in 10 months.

Bullish divergences on the daily confirmed,” noted popular trader Daan Crypto Trades in a post on X on July 9.

Be on the lookout for an overall high timeframe breakout on the daily RSI at some point in the future.

Renowned trader and analyst Rekt Capital later commented that the RSI divergence was “playing out.”

Daan Crypto Trades identified $59,000 as the “main price level” to reclaim, while other analysts suggested $58,400 as the critical level to overcome resistance near $60,000.

If $BTC can reclaim $58,400, a $60,000-$60,700 retest is likely,” predicted trader Justin Bennett.

What happens between $60k and $58,400 will determine whether Bitcoin sees $67k or $48k next.

Bennett emphasized that upcoming U.S. macroeconomic data, such as the Consumer Price Index and Producer Price Index, would be pivotal for Bitcoin’s market performance.

The latest data from monitoring resource CoinGlass indicated that liquidity at this critical level was thin but increasing at the time of writing, with most of it cleared during the day’s upward movement.

Bitcoin is now challenging the 1.5-month Downtrend for a breakout attempt,” Rekt Capital continued.

Current BTC price activity includes a struggle for both the 99-day and 200-day moving averages (MAs), with BTC/USD now caught between them.

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