Bitcoin (BTC), which is a cryptocurrency, climbed to $60,000. At the Wall Street opening on Wednesday as stock prices rose and US Dollar strength declined.
Important points
- Bitcoin gains early momentum at the beginning of the first US trading day in July, as it rises with stock prices.
- Analysis shows that the US dollar is losing strength as it becomes increasingly unstable “crowded” USD long-term trade
- Bitcoin traders remain confident that July’s monthly candle will show a relief bounce.
BTC prices to gain 3%+ per day
TradingView’s data shows that the BTC/USD price on Bitstamp has risen to $ 60, 475, a gain of almost 3% per day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
According to data provided by, the new monthly candle started off with a bump, and the pair had reached new lows that lasted for many years. 24-hour long crypto liquidations amounted to more than 200 million dollars at the moment of writing. CoinGlass.
BTC/USD vs. cryptocurrency liquidations (screenshot). Source: CoinGlass
“$BTC showing a lovely pump this NY session,” Lennaert Snider, a trader from a brokerage firm in New York City wrote on a response on X.
Snyder’s chart showed that he expected the timing of a low frame to reverse. “exhaustion” Before the price reaches $60,700.
BTC/USDT one-hour chart. Source: Lennaert Synder/X
Daan Crypto Trades, a fellow trader, saw that if the price attacked either of its extremes on a low-time frame range then he could expect a breakout.
“Let’s see if this turns this $58K-$61K area into a range for the time being,” He told X Followers on the Day
“I think there’s a good chance that the next attempt at the range high or low will cause a decisive break and bigger move.”
BTC/USDT chart for the perpetual contract. Source: Daan Crypto Trades/X
Bitcoin has benefited from a fall in US dollar strength. At the start of the day, the US dollar index dropped from its local peak of 101.6.
US dollar index chart (DXY). Source: Cointelegraph/TradingView
After some initial volatility in stock markets, the trend was upwards, largely due to Meta Stock, which gained over 11% within an hour.
In a recent commentary on DXY trading resource, The Kobeissi Letter cautioned that the trend of dollars could change. “soon.”
“The long US Dollar trade is crowded: Speculative long positioning in the US Dollar surged to +$34.3 billion as of June 23rd, the highest in 18 months,” It is a good idea to get a hold of someone else. reported Click on X.
US dollar long position data. Source: the Kobeissi letter/X
Bitcoin July Relief rally is a Bitcoin-based relief event. “base case”
Through July, other market participants called for an increase in the price of BTC.
Related: Bitcoin just $5K away from ‘best investment opportunity’ of bear market
“Bitcoin Monthly close below its long-term trendline,” Trader Titan noted The chart below shows the BTC/USD for one month.
“My base case: a relief rally in July before the downtrend resumes.”
BTC/USD one-month chart. Source: Titan/X
Rekt capital, a trader and analyst firm, reiterated its belief that the month of July will offer the exact opposite to June’s decline before returning to bearish moves in August.
“Red June. Green July. Red August. This is what Bitcoin price history suggests,” He summarized The day of.
“Bitcoin could possibly see some downside wicking below the new Monthly Open in early July. But history suggests price should be able expand to the upside as the month progresses.”
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
