Originally published on: August 01, 2024
Bitcoin is currently experiencing volatile order book activity as bullish investors strive to prevent a potential drop in BTC price.
Support Battleground at $63K
Data from CoinGlass indicates the emergence of a significant support battleground near the $63,000 mark. Despite setting new local lows at $63,400 on August 1, which was 5% below the previous day’s highs, traders anticipate a possible retest of those lows.
$100M Support Liquidity
CoinGlass reveals that there is substantial support liquidity at $63,300, amounting to nearly $100 million across various exchange order books. This high level of support suggests a concerted effort to drive the market higher.
Market Analysis and Predictions
Traders like Daan Crypto Trades point out the intense order book activity on Binance futures and speculate that it could be a strategic move to push prices upward. Meanwhile, Mark Cullen remains optimistic, expecting Bitcoin to either sweep the lows or establish a bottoming structure near the 38.2 Fibonacci level.
Bitcoin’s Monthly Close and Price Performance
Despite the monthly close around $64,600, resulting in a 2.95% gain for July, Bitcoin continues its consolidation phase. However, the formation of lower highs on the daily chart poses a challenge for some traders, indicating that sellers are still dominant near the old all-time highs of $69,000 and above.
Market Outlook
Analysts like Rekt Capital foresee a potential upside breakout for BTC/USD in the long run, despite the recent rejection near $70,000 as part of the consolidation phase. This suggests a positive outlook for Bitcoin’s price trajectory.
In conclusion, this content serves to provide information and analysis, and it does not offer any investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
