Bitcoin (BTC) continued its sudden volatility after the Wall Street open on July 6 as yearly highs gave way to a pullback.
Bitcoin suddenly fell to new lows in July
Data from Cointelegraph Markets Pro and TradingView It followed the BTC price action as it swung around the $30,000 mark.
Bitcoin rallied to its highest levels since mid-2022 earlier in the day, but ended up short as the largest cryptocurrency gave back all of its gains.
BTC/USD even set new July lows on Bitstamp, and has so far bottomed at $29,925.
as a “scalper’s dream” It really hit the chartsTraders took a step back to see what happens next.
#FireCharts Offers #BTC It comes down to bid liquidity in the $30,000 range. Waiting to see if it was carrying broken or broken carpets. stay tuned… pic.twitter.com/kd1kdbK41C
– Material Indicators (MI_Algos) July 6, 2023
Popular trader Geely was among those eyeing a possible return to the $28,000 range, which he said Proposal It would be a suitable point of purchase.
Financial commentator Tedtalksmacro argue That the move to $30k from below was a “mostly immediate” buy, with derivatives traders catching up to allow for a sweep of range rallies.
Really predator.
Late long trades are now cleared (again) pic.twitter.com/gEj0h1cMg8
– tedtalksmacro (@tedtalksmacro) July 6, 2023
Lows are being taken again,” said Michael van de Poppe, founder and CEO of trading firm Eight. books In part of the ongoing Twitter commentary.
“We have to flip here again, otherwise $28,500 scenario looks likely for Bitcoin. Markets are anticipating a rate hike due to positive unemployment data.”
Van de Poppe pointed to the strong US employment data released ahead of Wall Street’s opening, reinforcing an already high market expectation that the Federal Reserve will raise interest rates again later in July.
According to CME Group FedWatch toolAt the time of writing, those predictions are about 95%.
Cryptocurrency liquidations are still far from extreme
With open interest on returns below $30,000 fading, gross liquidations remained quiet.
Related: Bitcoin Analysis Agree Bitcoin Price Could Stop At $35K
According to data from monitoring source CoinGlass, the total long and short liquidations on BTC amounted to $43 million on July 6.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
