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▲ Bitcoin (BTC)/ChatGPT generated image
Bitcoin (BTC) barely rebounded from the $60,000 support level. However, if it fails to surpass the $72,000 resistance level, the recovery phase could once again be trapped by selling pressure.
According to crypto media outlet Cryptopotato on July 3 (local time), Bitcoin is attempting a short-term rebound after weeks of sustained selling pressure. Buying interest defended a key support area. However, the price remains below major technical resistance levels.
On the daily chart, a bearish structure persists. Bitcoin traded around $62,100. The 100-day and 200-day moving averages are located in the $71,000 to $75,000 range. This range is currently acting as dynamic resistance.
Bitcoin broke below its 100-day moving average near $72,000 early this month. Subsequently, demand flowed in from the $60,000 support area. The Relative Strength Index (RSI) formed a bullish divergence. While the price made a lower low, the indicator recorded a higher low, suggesting a potential slowdown in selling pressure.
On the 4-hour chart, a falling wedge pattern was observed. Bitcoin moved within a broad falling wedge after a sharp decline in June. Recently, the price rebounded from the bottom of the wedge and the $60,000 support line. Breaking above the downtrend line near $62,000 is the first hurdle. If successful, the recovery could extend to the supply zone of $66,000 to $68,000.
The SOPR for long-term holders remains below the 1.0 baseline. This means that long-term holders are, on average, realizing losses and moving their coins. The 30-day exponential moving average is also below the neutral line. Cryptopotato analyzed that until this indicator recovers above 1.0, the market remains in a capitulation and recovery phase rather than a definitive bullish reversal.
[Article Key Summary]
-Bitcoin rebounded from the $60,000 support level but is failing to surpass the $72,000 to $75,000 resistance zone.
-A falling wedge pattern appeared on the 4-hour chart, with a break above $62,000 presented as the first hurdle for a short-term recovery.
-The SOPR for long-term holders remains below 1.0, signaling that the market is still closer to a capitulation and recovery phase than a definitive bullish reversal.
*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.*
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