Bitcoin‘s recent price movements have been characterized by a pattern of lower highs, with attempts to reach all-time highs being consistently thwarted by sellers.
This pattern has caught the attention of traders, who are monitoring the market closely.
Data from Cointelegraph Markets Pro and TradingView indicates that the $70,000 mark has been a significant resistance level for Bitcoin’s price rebound in July.
Despite hopes among Bitcoin bulls for a return to the $73,800 all-time high reached in March, sellers have kept the market in check.
Traders are now noting this repeated phenomenon, which has resulted in Bitcoin’s price being pushed down within a five-month trading range.
Daan Crypto Trades, a popular trader, highlighted the abundance of liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered there.
In a post on X on July 30, he noted, “Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.”
Daan Crypto Trades identified $72,000 as a critical level for bulls to surpass, and mentioned potential buy-liquidity below the current price.
According to analysis, if BTC/USD falls below $64,000, this liquidity could become significant.
He predicted, “Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.” He also pointed out support around $63,000-$63,500, noting that “we got some wicks around $63K-$63.5K which likely got some long stops below.”
Josh Rager, another trader and analyst, expressed disinterest in trading without a clear breakout, stating, “Not much has changed here for BTC… Get a daily close higher and I’ll be interested again.”
Pseudonymous trader Horse on X also questioned the strength of Bitcoin’s recent rise to $70,000, pointing out a lack of spot buyer interest and suggesting that the movement was driven by open interest rather than actual price increases.
He commented, “Market depth has shifted unfavorably across the board… This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
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