Bitcoin (BTC) Recovers $62,000... 'Slow Buying' Ignites as Retail Investors Tire

▲ Bitcoin (BTC)

Bitcoin (BTC) recovered the $62,000 level in 9 days, riding the wave of global stock markets reaching all-time highs. However, if it fails to break through the mid-$62,000 resistance, where the 200-week moving average is intertwined, the rebound momentum could falter again.

According to cryptocurrency media outlet Cointelegraph on July 3 (local time), Bitcoin continued its upward trend even during the US Independence Day holiday. Based on TradingView data, Bitcoin rose to $62,295 on Bitstamp, its highest price since June 24.

US stock markets showed strength ahead of the Independence Day holiday. The Dow Jones Industrial Average closed at an all-time high the previous day. The Kobeissi Letter also stated that the global stock market capitalization reached an all-time high. The Kobeissi Letter wrote on X (formerly Twitter), “Global equities are going through one of the strongest rallies in history.”

Exchange buying flows also supported Bitcoin's rebound. X commentator Exitpump analyzed that “controlled slow buying” was occurring on exchanges. He stated, “It looks good for continued upward movement, but keep in mind that the $62,000 to $62,500 range is a strong resistance area.”

Trader Daan Crypto Trades focused on the 200-week simple moving average. This trend line is currently located at $62,652. He emphasized the importance of maintaining this level until the weekly candle closes. Daan stated, “The key for Bitcoin now is to maintain the breakout momentum and keep the bullish market structure in lower timeframes.”

Macroeconomic variables also contributed to the rebound in risk assets. Weak US non-farm payroll data was cited as a backdrop for the cryptocurrency rebound. Mosaic Asset Company analyzed that sluggish economic news eased interest rate outlooks, leading to a rise in stock futures. CME Group's FedWatch tool indicated that the possibility of a rate hike and a rate pause at the September Federal Reserve meeting are similarly reflected.

[Article Key Summary]

-Bitcoin rose to $62,295 on Bitstamp, its highest level since June 24.

-The $62,000 to $62,500 range and the 200-week simple moving average at $62,652 were presented as key resistance levels.

-Global stock market highs and weak US employment data supported the rebound sentiment for risk assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*