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Bitcoin circles $63K as liquidity sparks hopes of 40% BTC price gains

News Feed - 2024-07-02 11:07:28

William Suberg9 hours agoBitcoin circles $63K as liquidity sparks hopes of 40% BTC price gainsBitcoin stands to potentially gain big from global liquidity trends, analysis concludes, as the June BTC price downtrend ends.6233 Total views11 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) focused on $63,000 on July 2 as attention switched to macro liquidity changes.BTC/USD 1-hour chart. Source: TradingViewBitcoin analyst on global liquidity: “You love to see it”


Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement gains, which accompanied the monthly close.


Despite an overall failure to tackle key resistance levels above $64,000, Bitcoin traders had renewed cause for optimism as July got underway.


“Bitcoin has resumed its uptrend,” popular trader and analyst Rekt Capital summarized in one of several news posts on X (formerly Twitter).BTC/USD chart. Source: Rekt Capital/X


Rekt Capital highlighted the monthly close as a key sign of strength, with a chart showing a breakout from the downtrend that characterized June.


“The goal? To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time,” he explained.


Fellow trader Daan Crypto Trades, meanwhile, placed emphasis on United States dollar liquidity trends. As Cointelegraph reported, these are crucial for crypto market performance, with expectations of positive repercussions increasing last month.


“During this range, the BTC price has moved mostly in line with USD Liquidity,” he asserted on the day alongside a comparative chart.“We just saw a big decrease into a nice move up during this end of the quarter into the new quarter. Liquidity has moved little this year but both BTC & Stocks have been front running a future expansion of USD liquidity.”BTC/USDT vs. U.S. dollar liquidity. Source: Daan Crypto Trades/X


Market analyst Cole Garner went further, suggesting that recent Federal Reserve liquidity changes could have a tangible short-term impact on BTC price strength.


“Biggest Fed Net Liquidity rate-of-change spike in 15 months,” he observed.“Last time that happened, bitcoin rose ~40% in one week. Not assuming a repeat, but you love to see it.”BTC/USD vs. global central bank liquidity. Source: Cole Garner/XBollinger Bands demand BTC price breakout


Technical indicator data likewise teased signs of increased volatility hitting Bitcoin next.


Related: Was sub-$60K a bear trap? 5 things to know in Bitcoin this week


On weekly timeframes, Bollinger Bands were constricting to levels only seen a handful of times in Bitcoin’s history — a classic precursor to major breakouts.


The phenomenon was observed on X by popular analyst Matthew Hyland.Source: Matthew Hyland


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.# Bitcoin# Bitcoin Price# MarketsAdd reaction

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