Bitcoin (BTC) Recovers $62,000... 'Slow Buying' Ignites as Retail Investors Tire

▲ Bitcoin (BTC)

Bitcoin (BTC) has recovered to the $62,000 level in 9 days, riding the trend of global stock markets reaching all-time highs. However, if it fails to overcome the mid-$62,000 resistance, where the 200-week moving average converges, the momentum of the rebound could be broken again.

According to CoinTelegraph, a cryptocurrency specialized media outlet, on July 3 (local time), Bitcoin continued its upward trend even during the US Independence Day holiday. According to TradingView data, Bitcoin rose to $62,295 on Bitstamp. This is the highest price since June 24.

US stock markets showed strength ahead of the Independence Day holiday. The Dow Jones Industrial Average closed at an all-time high the previous day. The Kobeissi Letter stated that the global stock market capitalization also reached an all-time high. The Kobeissi Letter wrote on X (formerly Twitter), "Global stocks are experiencing one of the strongest rallies in history."

Exchange buying flows also supported Bitcoin's rebound. X commentator Exitpump analyzed that "controlled slow buying" is appearing on exchanges. He stated, "While it looks good for continued upside, it's important to keep in mind that the $62,000 to $62,500 range is a strong resistance area."

Trader Daan Crypto Trades highlighted the 200-week simple moving average. This trendline is currently located at $62,652. He considered it important whether this level holds until the weekly candle close. Daan stated, "The key for Bitcoin now is to maintain the breakout momentum and preserve the bullish market structure on lower timeframes."

Macroeconomic variables also contributed to the rebound in risk assets. Weak US non-farm employment figures were cited as a backdrop for the cryptocurrency rebound. Mosaic Asset Company analyzed that sluggish economic news eased interest rate expectations, leading to a rise in stock futures. CME Group's FedWatch tool indicated that the possibility of a rate hike and a rate hold are similarly reflected for the September Federal Reserve meeting.

[Article Key Summary]

-Bitcoin rose to $62,295 on Bitstamp, marking its highest level since June 24.

-The range of $62,000 to $62,500 and the 200-week simple moving average at $62,652 were presented as key resistance levels.

-Global stock market all-time highs and weak US employment data supported the sentiment for a rebound in risk assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*