Bitcoin Bulls Defiant: Sellers in Control, Will BTC Find Rejection At $60,000?

Bitcoin remains firm at spot rates, looking at the performance in the daily chart. Even though there are hopes that prices will inch higher in the coming sessions, there is little proof to confirm the presence of buyers. So far, bulls have reversed losses of July 5 but are still within the bear range of the first week of July. Until there is a conclusive close above this zone, with bulls lifting the coin above $60,000, sellers have the upper hand.

Looking at Bitcoin, the coin is still in red. On the last day, it rose by 3%, though it remains down 4% from the previous week. At the same time, engagement is low, dropping to around $28 billion. If buyers push higher, sentiment will improve, drawing more buyers into the equation. However, should sellers push on, panic selling might grip the market, leading to a fast, discouraging drop to $50,000.

Bitcoin Daily Chart for July 10

The following Bitcoin news events are trending:

  • Though there are pockets of strength, looking at price action, some analysts are cautiously optimistic. Pointing to candlestick formation, some predict the coin to dump to as low as $50,000. When this happens, the fair value gap will be closed, leading to price equilibrium.
  • Binance, after winning against the United States SEC, has been rapidly growing in recent times. So far, BTC reserves in the world’s largest exchange are up 10%, while those of its competitors are down 8%.

Bitcoin Price Analysis

At spot rates, BTC/USD is stable, moving horizontally, looking at the formation in the daily chart.

From price action, the downtrend remains as long as prices are within the previous support zone, now resistance, between $56,000 and $60,000.

If the bear breakout of last week is valid, every high within this range offers entry for sellers to double down, targeting $53,500 and $50,000.

However, if Bitcoin has found a bottom, bulls must push the coin above $60,000 by the end of the week.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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