Bitcoin Holds $63,000 Despite Strategy Sell-off…DeFi Tokens Continue Strong Rally

▲ Strategy (MSTR), Bitcoin (BTC)/ChatGPT generated image ©

Bitcoin (BTC) maintained the $63,000 level, extending its rally for six consecutive trading days, but the upward momentum appears to be somewhat slowing down. Meanwhile, decentralized finance (DeFi) tokens DEXE and ZRO continue to show strength, attracting market attention.

According to investment media FXStreet on July 7 (local time), Bitcoin traded above $63,000, maintaining its six-day consecutive rally, despite Strategy selling 3,588 BTC on the 7th. Overall investor sentiment in the cryptocurrency market also remained stable, with the Fear & Greed Index moving out of the 'extreme fear' zone last week to record 29, suggesting an easing of selling pressure.

However, from a technical perspective, the short-term recovery is being tested. Bitcoin is facing resistance near the 50-day Exponential Moving Average (EMA) of $65,707, and with this EMA positioned below the 200-day EMA of $75,642, the medium-to-long-term downtrend is still maintained, the media analyzed. The formation of short-bodied candles around $65,000 was also interpreted as a sign that buying pressure is encountering resistance.

Technical indicators showed mixed trends. The Moving Average Convergence Divergence (MACD) maintained upward momentum with an expanding positive histogram, and the Relative Strength Index (RSI) recorded 52, indicating a moderate recovery. However, it was assessed that the overhead selling volume has not been fully absorbed. Conversely, if selling pressure intensifies again, the area around $60,000 was suggested as the first major support level.

Among decentralized finance tokens, DEXE showed the strongest performance. DEXE surpassed $27, significantly exceeding both its 50-day EMA of $19.42 and 200-day EMA of $12.36. The RSI stood at 69, indicating a level just before overbought, and the MACD also maintained an upward trend. The short-term resistance was set at $28.14, with the next target at $33.01 if it continues to rise. Conversely, on the downside, $23.33 and the 50-day EMA of $19.42 were cited as key support zones.

ZRO also maintained above $1, continuing its short-term recovery. Currently testing the 50-day EMA at $1.0396, the MACD maintained a bullish signal, and the RSI showed a recovery phase around 60. The media projected that if it breaks above the 50-day EMA, there could be room for an ascent to $1.3253, which is the 50% Fibonacci retracement level of the drop from $2.3930 to $0.7340. Conversely, in case of a decline, the 23.6% Fibonacci retracement level at $0.9701 and the previous low of $0.7340 were suggested as key support levels.

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