Bitcoin (BTC), which dropped to 62.2 thousand dollars on Monday, July 13, gained 4.45% as the price rose above the 65 thousand dollar level a day later. In the 48 hours since then, Bitcoin has fallen again by 1.37%. There were not many liquidations resulting from the rejection of $65 thousand.
Compared to the liquidation phase caused by the drop from $74,000 to $60,000, liquidation figures in recent days have been modest. The past 24 hours saw only $52 million in BTC investor liquidations; Compared to the liquidation of approximately $980 million on June 23, when BTC fell from $64.2k to $62k.
AMBCrypto reported that fragile market conditions could stall the recovery. According to Bitfinex analystThere was no Bitcoin-specific demand in sight, ETF flows were negative, and so was the Coinbase Premium Index.
Bitcoin rise is not over yet!
Bitcoin Regime Score combines buyer flow, funding rates, Open Interest, currency flows, ETF flows and price trends. Crypto analyst Axel Adler Jr. Using this metric, it showed that a press-time reading of +34.6 puts the regime score in moderately bullish territory.
The dip below zero on July 14 has since reversed due to subsequent buying pressure.
The analyst concluded that major market components point to a bullish direction in the short term. In fact, the regime continued its upward trend for the second week in a row.
Bitcoin price prediction and the status of an imminent bearish reaction
At the time of this writing, price action was in an unstable position. The higher time frame price trend was bearish. Fibonacci retracement levels (orange) plotted using the higher timeframe impulsive price action from $82,850 to $51,888.
Another set of retracement levels was drawn using the swing structure of the 4-hour time frame. The $65,260 level was the 78.6% retracement level, which is a key resistance. A bearish reaction also emerged in recent trading hours.
This is expected Bitcoin It will continue its downtrend and drop to $55,560 and $51,934 in the coming weeks. This bearish idea will be invalidated if the H4 session closes above $67.292.
In the second scenario, a rally to $77,489 could occur before the downtrend on the higher time frame is brought under control.
Final Summary
- The Bitcoin Regime Score metric showed short-term bullish market components for Bitcoin.
- Price action showed that there is a high probability of rejection at $65.3K and the downtrend continues.
