Zen, a crypto analyst has published a detailed analysis of the different scenarios that could affect Bitcoin’s price this July. Bitcoin’s June price performance is a clear indication of its volatility. many investors disappointed. It is due to the fact that cryptocurrency virtually traded on a decline Bitcoin has been falling in price throughout this month. It even fell below $60,000. Crypto analyst Zen has identified some liquidity pools which could affect Bitcoin’s price. outcome in July You can also read about the next few months in autumn.
The Analyst highlights Potential Bitcoin Liquidity pools
Bitcoin fell below $60,000 in early this week, as we have already mentioned. Zen noted that the breakdown of cleared liquidity below $60,630 was in line with an earlier price analysis. Zen pointed out that although Bitcoin recovered to return above $60600, the liquidation clearance indicates there is still the risk of Bitcoin dropping back down to $60150.
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The analyst also pointed out that there are other price points for liquidity which can be used as a way to gauge momentum during July. Interesting to note is that the liquidity price points serve as both resistance and support areas. Zen’s Analysis points out that in the event of continued losses, there are liquidity pools located at 60,260 dollars, 59,440 dollars, 58,000990 and 56,850. These points are susceptible to significant price changes if major holders make large transactions. The clearing of such pools may cause investor confidence to suffer, which could lead to Bitcoin dropping to $53,000.
“Will it dip to ~53k at some point? That move make sense on Month timeframe, but doesn’t have to happen,” Zen said. Zen reported that the liquidity pools were $61,540 ($62,540), $63,260 ($64,920), and $64,920.
📉 #Bitcoin Daily 📈
Bitcoin cleared liquidity above second liquidity pool at 62440 ✅ Got rejected from developing quarter VWAP VAL. The price will most likely move to the 60650-60150 area. All depends on how the market reacts.
Situation remains the same and requires… pic.twitter.com/LFiiiN9fDH
— Zen (@WiseAnalyze) June 26, 2024
Zen also pointed out the fact that Bitcoin currently presents contrasting scenarios in different time frames. Bitcoin has a clear downtrend on the daily chart. The price of each bounce increases, showing that it is a rising trend. bears have control The short-term trend is a good indicator. The weekly candletimeframe, on the other hand shows how Bitcoin has been stuck in an choppy range of sideways movement.
The rally is faded but the dips also bring in more buying interest. Zen’s latest analysis suggests that despite recent price drops, the current uptrend remains intact In the time frame of monthly candles.
BTC Price: Expectations
Bitcoin was trading at $60.765 as of the writing. Zen states that an increase in Bitcoin prices is more likely to occur if the week-end closes above $60622. A weekly close under $59,600 would maintain the bearish trend.
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Bitcoin is doing well in its seventh month. The month of July tends to be the most volatile. registered green candles BTC. Bitcoin could be looking at potential upward swings based on this historical trend, particularly if bulls can shoot above the levels of liquidity.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com