I thought it would recover this time... Bitcoin (BTC) already losing rebound momentum

▲ Bitcoin (BTC), cryptocurrency decline/AI generated image

Bitcoin (BTC) has rebounded from a low near $59,000, but it still lacks the strength to declare a trend reversal. Trading volume has decreased, and key moving averages remain above Bitcoin.

According to crypto media outlet U.Today on July 7 (local time), Bitcoin has rebounded significantly from its recent lows. The strong selling pressure that swept the market in June has also subsided. However, the overall technical structure leans towards a cautious approach rather than optimism.

The biggest hurdles are the 50-day and 100-day moving averages. Both moving averages are positioned above Bitcoin and continue to decline. Bitcoin previously broke out of the trend line that supported its rise in April-May, then experienced massive liquidations, giving back weeks of gains.

Trading volume also does not support a bullish reversal. The strongest trading activity recently occurred during the selling phase. This means that aggressive selling volume was more prominent than accumulation. In contrast, during the recent rebound, trading volume decreased, indicating a lack of strong conviction from buyers.

The RSI (Relative Strength Index) has moved out of the oversold zone and is approaching neutral levels. This is a sign that selling pressure has weakened. However, it is still far from levels associated with strong upward momentum. The market has stabilized, but no clear bullish signals have appeared.

For Bitcoin to establish a more definitive recovery trend, it needs to reclaim the 50-day exponential moving average near $63,000. After that, breaking above the 100-day exponential moving average near $66,000 is the next challenge. U.Today evaluated the recent rise as a technical rebound within a larger downtrend until these two levels are recovered.

[Article Key Summary]

-Bitcoin rebounded from a low near $59,000, but strong buying pressure was not confirmed due to decreased trading volume.

-The 50-day and 100-day moving averages were presented as key resistance levels near $63,000 and $66,000, respectively.

-The Relative Strength Index moved out of the oversold zone, but U.Today still assessed the recent rise as a technical rebound.

*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.*