to leave a comment.
▲ Bitcoin (BTC)
As Bitcoin (Bitcoin, BTC) held above $62,500, short-term moving averages turned bullish. However, with it trading below the 50-day and 200-day moving averages, the medium-term bearish structure has not yet ended.
According to cryptocurrency media Bitcoin.com on July 9 (local time), Bitcoin rose 1% over 24 hours to trade around $62,743. The daily price range was $61,507 to $63,116. Market capitalization maintained $1.259 trillion even during the correction phase.
On the 1-hour chart, support formed around $62,400. Resistance strengthened between $62,900 and $63,000, and short-term momentum indicators showed bearish signals. Analysis suggested no clear direction was confirmed until it broke out of the $61,800-$63,200 range.
On the 4-hour chart, $62,000-$62,200 was presented as a support zone. The Relative Strength Index (RSI) remained in neutral territory at 48, but the Moving Average Convergence Divergence (MACD) showed a bullish signal. If it surpasses $62,800-$63,000, $63,800 was suggested as the next target price.
Long-term indicators still showed a sell-dominant trend. Bitcoin traded below its 50-day moving average of $65,624 and its 200-day moving average of $74,225. Seven out of 11 technical indicators were neutral, while momentum and Bull-Bear Power showed bearish signals. The Moving Average Convergence Divergence (MACD) was the only bullish signal.
The 10-day, 20-day, and 30-day simple and exponential moving averages mostly turned bullish. In contrast, the 50-day, 100-day, and 200-day moving averages all maintained bearish signals. If $63,500 is broken on a closing basis with increased trading volume, $65,624 and $67,200 were suggested as upper price targets. If the $61,500 support level breaks, the $60,000 and $57,700 zones were mentioned as the next lower price targets.
[Article Key Summary]
-Bitcoin held above $62,500, with the 10-day, 20-day, and 30-day short-term moving averages mostly turning bullish.
-The 50-day moving average of $65,624 and the 200-day moving average of $74,225 indicated that the medium-term bearish structure continues.
-Breaking above $63,500 and holding $61,500 support were presented as key points determining the upper and lower price ranges, respectively.
*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.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.