The month of June saw Bitcoin’s price taking a nosedive, much to the disappointment of many investors. The cryptocurrency struggled to maintain a steady value, even dropping below $60,000 at one point. This downward trend has raised concerns among traders and analysts about what lies ahead for Bitcoin’s price in July and beyond.
Crypto analyst Zen has identified several key liquidity pools that could have a significant impact on Bitcoin’s performance in the coming months. The recent dip below $60,000 was seen as a break in liquidity under $60,630, indicating a potential risk of further decline to $60,150 in the short term. Additionally, Zen highlighted other liquidity points at $60,260, $59,440, $58,990, and $56,850 that could act as crucial support and resistance levels in July.
Zen pointed out the conflicting trends observed in Bitcoin’s price action across different timeframes. While the daily chart reflects a clear downtrend with each rally being sold into, the weekly candle timeframe suggests a sideways movement with alternating rallies and dips. Despite these short-term fluctuations, the monthly candle timeframe still signals an overall uptrend for Bitcoin.
Current Price and Predictions
As of now, Bitcoin is trading at $60,765, with Zen suggesting that a weekly close above $60,622 could signal a potential price upswing in July. On the contrary, a closure below $59,600 would likely sustain bearish momentum. Historically, July has been a favorable month for Bitcoin, often seeing price increases. If the bulls manage to surpass the key liquidity levels on the upside, Bitcoin could be poised for a significant uptrend.
The future of Bitcoin’s price in July remains uncertain, with several factors such as liquidity pools, market sentiment, and historical trends influencing its direction. Traders and investors are advised to carefully monitor these developments and adjust their strategies accordingly to navigate the volatile crypto market.
