Bitcoin was deposited near $6.27 million on 5 July, a small increase over the previous day, with a cumulative increase of more than 4 per cent on 7 days. This round of rebound was driven mainly by the return and empty return of the United States spot bitcoin ETF funds, but the turnover has not been significantly amplified and the market is cautious about the sustainability of the rebound.
It's not a good idea.
According to crypto.news, citing market data, the market value of Bitcoin on that date was approximately $12.6 trillion, with a 24-hour deal of approximately $17.57 billion. According to the trader Daan Cripto Trades, when prices approached $63,000 on 4 July, the empty silo was squeezed out twice, creating a typical empty backside.
At present, the focus of the market is on the $6.26 million line, that is, the 200-week average. Short-line rebounds are expected to continue if prices are stable; if they fail, market attention may be redirected to $60,000 and low-point areas at the end of June.
ETF Amounts still missing after return
Prior to this, Bitcoin had rebounded around $6.17 million, in the context of the recovery of net inflows of real bitcoin ETF in the United States. It was mentioned that, to further improve the momentum, Bitcoin needed to get back on its feet at $6.28 million and to make a breakthrough of $65,000.
On the current plate, the reactionary energy has been repaired, but the confirmed signal is still inadequate. The MCD indicator has been corrected and the fast line is above the slow line, showing a short-line buy-back. However, the two lines remain below the zero axis, meaning that the trend at the larger level has not yet been fully reversed.
- Critical support near current prices: $6.26 million
- Key observations below: $60,000
- Lower support areas: 581 to $585 million
The resistance up there is still 675 to $71,000.
According to the analyst BATMAN, the bitcoin dailies are still in the drop wedge, and RSI shows an increase deviation. This usually means that when prices continue to be low, kinetic energy does not deteriorate simultaneously and sales pressure may be weakening.
He mentioned that the $6.75 million to $71,000 region above prices could become a new liquidity target if there was a clearer breakthrough in follow-up. However, prior to that, the market would have to complete an effective breakthrough on the $63,000 to $65,000 resistance belt.
In addition, the parabola shift indicator, which is currently located near $581 million, remains below prices and short-line structures are still weak. But if the price breaks down again, the pressure on the seller may rise again.
Saylor's voice hasn't changed the cautious tone of the market.
Michael Saylor recently wrote on platform X that “bitcoin is digital energy”. This statement is a continuation of his long-standing narrative of bitcoin, where the value of bitcoin increasingly depends on capital markets, the credit environment and the adoption of institutions, not just the supply cycle for miners.
However, in the case of short-term transactions, the market is now more concerned about whether prices hold the key averages and are magnified. Although bitcoin has recovered from its low position at the end of June and has completed a round of emptiness, if it is not able to make an effective breakthrough of $65,000, the rebound is more like a liquidity-driven repair than a reversal of the larger trend.