Multiple data points highlight the importance of the $65,000 level for Bitcoin.
) price seeks to recover from its June losses, but onchain data suggests that BTC may run into resistance around the $65,000 level.showed BTC trading at $62,288, down 0.5% over the last 24 hours and 8.6% over the last 30 days. This follows an extended downtrend in June that reversed all the gains made in May.
According to Coinglass data, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.60% in July.However, technical and onchain data reveals that any attempts at recovery this month may be curtailed by sell-side pressure from the $65,000 level. A look at the daily chart shows that Bitcoin price faces stiff resistance in its recovery path.
This is the zone between $61,817 and $56,914, embraced by the 100-day exponential moving average and the 50-day EMA, respectively.“In the short-term, we should expect some resistance around the ~$65,000 level as short-term market speculators may look to exit their positions at a “breakeven” level,” analysts at Blockware Intelligence“Last summer, when BTC lost the STH RP support level, price traded sideways for another two months before finally breaking out again.
This means that short-term holders now face losses and could attempt to exit the market at a loss or breakeven, potentially adding to selling pressure near the $65,000 mark.Meanwhile, Thomas Fahrer, the founder of the crypto company Apollo, is more optimistic about Bitcoin’s ability to rise above $65,000.“The first rule of Bitcoin is don’t short Bitcoin,” he added in a follow-up post. “The flows will come, and shorts will be punished.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Cardano updates MiCA compliance indicators 6 months ahead of the curve
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