Bitcoin closed at $60,000 on July 10, as bulls battled for support at key trend lines.
BTC Price RSI Provides Classic Rebound
According to data from Cointelegraph Markets Pro and TradingView, the Bitcoin (BTC) price soared to $59,459 on Bitstamp that day.
BTC/USD is up 1.5% at the time of writing after a quick rally during the Asian trading session, with the pair bouncing out of a classic “oversold” situation.
Market participants have been discussing the issue extensively, especially with the Relative Strength Index (RSI) hitting its lowest level in 10 months.
Popular trader Daan Crypto Trades wrote in part of a post on X on July 9th, “Bullying divergence on daily confirmed numbers.”
“Watch out for a breakout of the overall high time frame in the daily RSI at some point in the future.”
Popular trader and analyst Rekt Capital later said that the RSI divergence is “happening”.
Daan Crypto Trades pegged $59,000 as the “key price level” to recover to, while others were leaning towards $58,400 to overcome resistance near $60,000.
Trader Justin Bennett predicted that if BTC can recover $58,400, a retest of $60,000-$60,700 is possible.
“What happens between $60,000 and $58,400 will determine whether Bitcoin sees $67,000 or $48,000 next.”
Bennett emphasized that US macroeconomic data in the form of the Consumer Price Index and Producer Price Index will be an important factor in Bitcoin market performance.
Bitcoin bears resist as a last resort
The latest data from monitoring resource CoinGlass shows that liquidity at that key level is thin, but increasing at the time of writing, with most liquidations occurring during the day’s uptrend.
Related: Bitcoin ‘Power Law’ Predicts 300% BTC Price Rise by End of 2025
“Bitcoin is currently challenging a 1.5-month downtrend in an attempt to break out,” Rekt Capital added.
There is a fierce competition going on between the 99-day and 200-day moving averages (MA) in the current BTC price action, with BTC/USD now stuck in between.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.