Analyst Identifies Bitcoin Liquidity Pools You Should Be Aware Of Going Into July
29 Giugno 2024 - 1:00PM
NEWSBTC
Crypto analyst Zen has released a critical assessment of different
scenarios to expect for the Bitcoin price in July. Bitcoin’s price
performance in June has undoubtedly left many investors
disappointed. This is because the cryptocurrency virtually traded
on a decline throughout the month, even falling below $60,000 at
some point. While the unfavorable price continues to play out,
crypto analyst Zen has flagged some major liquidity pools that
could determine Bitcoin’s outcome in July and the next few months
in autumn. Analyst Highlights Potential Bitcoin Liquidity Pools As
mentioned earlier, the recent price decline saw Bitcoin break below
$60,000 earlier in the week. Notably, Zen observed that this
breakdown represented cleared liquidity under $60,630, which goes
along with a former price analysis. Although Bitcoin has since
recovered and returned above $60,600, Zen noted that the liquidity
clearance suggests there’s still a further risk of Bitcoin falling
back to $60,150 in the short term. Related Reading: Crypto
Trader Says He’s ‘Extremely Long’ On Ethereum, Undeterred By Crash
Below $3,400 In addition, the analyst pointed out a number of other
liquidity price points that may be used to evaluate momentum in
July. It’s interesting to note that these liquidity points
ultimately serve as both support and resistance areas. In the case
of a continued decline, Zen’s analysis points to liquidity pools at
$60,260, $59,440, $58,990, and $56,850. Huge transactions by major
holders at these points could cause significant price movements.
Clearing such pools could spell trouble for investor sentiment,
which in turn could eventually cause Bitcoin to dip to $53,000.
“Will it dip to ~53k at some point? That move make sense on Month
timeframe, but doesn’t have to happen,” Zen said. On the upside,
Zen noted liquidity pools at $61,540, $62,540, $63,260, and
$64,920. 📉 #Bitcoin Daily 📈 Bitcoin cleared liquidity above
second liquidity pool at 62440 ✅ Got rejected from developing
quarter VWAP VAL. Now price most probably will move towards
60650-60150 zone. The rest depends on price action there. Situation
remains the same and requires… pic.twitter.com/LFiiiN9fDH — Zen
(@WiseAnalyze) June 26, 2024 Furthermore, Zen pointed out that
Bitcoin is currently portraying contrasting scenarios across
different timeframes. On the daily chart, Bitcoin is clearly in a
downtrend. Each bounce is getting sold into, indicating that the
bears have control of the short-term momentum. On the other hand,
the weekly candle timeframe highlights how Bitcoin is effectively
stuck in a choppy sideways range right now. Each rally gets faded,
but each dip also attracts buying interest and accumulation.
Lastly, despite the recent price decline, Zen’s analysis indicates
that the uptrend remains intact in the monthly candle
timeframe. What To Expect From BTC Price At the time of
writing, Bitcoin is trading at $60,765. According to Zen, a week
close above $60,622 will increase the chances of a Bitcoin price
upswing in July. On the other hand, a closure below $59,600 will
maintain bearish momentum. Related Reading: Spot Solana ETFs:
Analyst Says Don’t Get Too Excited About The Market Recovery
Bitcoin has a pretty solid track record in the seventh month. More
often than not, July has registered green candles for BTC. This
historical tendency could see Bitcoin eyeing potential upswings,
especially if the bulls are able to shoot past the liquidity levels
on the upside. Featured image created with Dall.E, chart from
Tradingview.com
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