Bitcoin settles at $63,000... Will the rebound continue? PUMP and HYPE led the market

Bitcoin settles at $63,000... Will the rebound continue? PUMP and HYPE led the market

▲ Bitcoin (BTC), XRP (XRP)/AI Generated Image ©

As the cryptocurrency market continues its gradual recovery, Bitcoin is approaching a key resistance level. Risk-off sentiment has eased, improving market sentiment, and Pump.fun (PUMP) and Hyperliquid (HYPE) have led the rally, boosting investor confidence.

According to investment media FXStreet on July 6 (local time), Bitcoin continued its stable trend above $63,000 today, following a rebound of approximately 7% over five consecutive trading days last week. The market was influenced by a slight easing of geopolitical tensions and inflation concerns, which reduced risk aversion. Kevin Warsh, a former governor of the U.S. Federal Reserve, also contributed to improved investor sentiment by stating that inflation risks have eased, citing the ongoing ceasefire and improved logistics in the Strait of Hormuz. The CoinMarketCap Fear & Greed Index rose from 17 last week to 29 today, recovering from 'Extreme Fear' to 'Fear' stage.

Technically, Bitcoin is approaching a critical resistance zone. The current price is nearing the 50-day Exponential Moving Average (EMA) at $65,766, and a breakthrough of this level could potentially test the previous high of $67,292 and the psychological resistance level of $70,000 in sequence. The Relative Strength Index (RSI) is 51, slightly above the neutral line, and the Moving Average Convergence Divergence (MACD) has also crossed above its signal line, indicating short-term upward momentum. However, the media assessed that the strength is not yet sufficient to fully overcome the overhead selling pressure. Conversely, it analyzed that if the $60,000 support level breaks, the correction phase could intensify.

Among altcoins, Pump.fun continued its strong performance. After rising approximately 5% the previous day, it broke above its 50-day EMA of $0.001570 today, moving towards its 100-day EMA of $0.001728. It is maintaining the 50% Fibonacci retracement level of $0.001610 based on the recent downtrend, and a close above $0.001728 could lead to a rebound extending to the 78.6% retracement zone at $0.001951. The Moving Average Convergence Divergence also continued its upward trend, suggesting an expansion in buying power.

Hyperliquid also continued its upward trend. The price is above $70, testing the upper resistance line of a symmetrical triangle pattern after a 2% rise the previous day. The media projected that a break above the resistance line on a closing basis could confirm a bullish breakout, with subsequent targets at the pivot resistance (R1) of $77.12 and the next resistance (R2) of $89.18. The Moving Average Convergence Divergence also showed increasing positive histograms after a golden cross, indicating buying dominance. Conversely, in case of a decline, the pivot central line at $64.89 and the rising trendline near $65 were suggested as key support levels.

*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.*