While bulls struggle for basic trendline support, Bitcoin closed at $60,000 on July 9. Data from TradingView confirmed that Bitcoin’s price rose to $59,459 on centralized crypto exchanges during the day. Rapid gains during the Asian trading session led BTC/USD to a 1.5% increase at the time of writing, recovering from oversold conditions.
What’s Happening with Bitcoin?
Amid these developments, the relative strength index (RSI) surrounding the lowest levels in 10 months was widely discussed by market participants. Popular trader Daan Crypto Trades wrote in a post on X on July 9:
“The daily bullish trend is confirmed. Be cautious of a high time frame breakout on the daily RSI at some point in the future.”
Popular trader and analyst Rekt Capital later noted the emergence of RSI divergence. While Daan Crypto Trades marked $59,000 as the main price level to reclaim, others aimed for $58,400 in the race to overcome resistance around $60,000. Analyst Justin Bennett shared the following insights:
“If Bitcoin can reclaim $58,400, a retest of $60,000-$60,700 is likely. What happens between $60,000 and $58,400 will determine if Bitcoin sees $67,000 or $48,000 next.”
Bennett emphasized that upcoming U.S. macroeconomic data in the form of the Consumer Price Index and Producer Price Index will be critical events for Bitcoin market performance.
Notable Details for Bitcoin
Meanwhile, the latest data from blockchain data analysis platform CoinGlass showed weak liquidity at this key level, but it increased at the time of writing, with the majority clearing during the day’s rise. Rekt Capital commented:
“Bitcoin is currently challenging a 1.5-month downtrend for a breakout attempt.”
The current Bitcoin price activity involves a struggle for both the 99-day and 200-day moving averages, with the BTC/USD pair now trapped between them.
