Bitcoin (BTC) consolidated two-week highs into Sunday’s weekly close as traders braced for further market turmoil.
Key points:
- Bitcoin is approaching its highest levels in two weeks, but Mondays have been “terrible” for BTC price action, trader warns.
- BTC/USD is deciding the fate of its 200-week moving average.
- Crypto market analysis sees “greener shoots” following latest US macroeconomic data.
Trader: the last seven Mondays “absolutely terrible” for the price of BTC
Data from TradingView showed BTC/USD focused on $62,700, the site of a key long-term trend linethe 200-week simple moving average (SMA).
BTC/USD four-hour chart with 200-week SMA. Source: Cointelegraph/Trading View
Bulls managed a trip to $63,450 on Saturday amid thinner FX order books and a three-day U.S. holiday weekend.
“Seeing stronger passive supply here putting pressure on prices from above,” commenter Exitpump wrote in his report. last analysis on X.
BTC order book data. Source: Exitpump/X
Trader Daan Crypto Trades reported liquidations of short positions as the price increased, with data from CoinGlass bringing the 24-hour cryptocurrency total to $167 million.
“The classic short squeeze, the price rises until it reaches a short-selling level for everyone until forced covering does the rest,” he said. commented on X.
“Now the question is whether $62.6k (200 MA weekly) is support or is it just liquidity that is cleared before being rolled over.”
BTC/USD liquidation history against crypto (screenshot). Source: CoinGlass
Fellow trader Killa sounded a warning, reiterating that the last seven Mondays had seen a significant drop in prices.
“Mondays 7/7 were absolutely terrible for $BTC,” they told X followers.
“Are we going to repeat the exact same pattern next week? »
Bitcoin ETFs contribute to crypto’s “greener shoots”
In a new analysis released Friday, trading firm QCP Capital envisioned potential tailwinds forming for crypto and venture assets.
Related: Bollinger Bands creator envisions end of Bitcoin bear market and ‘W’-shaped reversal
These included renewed net collection to spot Bitcoin exchange-traded funds (ETFs) in the United States.
As Cointelegraph reportedLast week’s U.S. nonfarm payrolls report came in below expected levels, prompting a softening of hawkish expectations for the Federal Reserve to raise interest rates.
“The clearest dovish sign was a 2% rise in gold, although that looked more like real rate hedging and a safe haven than a growth conviction,” he acknowledges.
“Crypto, however, is showing greener shoots: BTC spot ETFs ended a six-session outing streak to bring in $224 million on Thursday, their first positive print in more than a week and an early sign that dip buyers are returning after about $2.4 billion in redemptions.”
Fed target rate probabilities for July 29 FOMC meeting (screenshot). Source: CME Group
The latest data from the CME Group FedWatch tool saw a nearly 80% chance that the Fed will keep rates at current levels at its July 29 meeting.
QCP added that before then, favorable consumer price index (CPI) inflation data would be needed for “broader confirmation of an initial accommodative revaluation.”
