Bitcoin price dropped below $60,000 for the first time in weeks, but data shows traders betting on a relief bounce.
Bitcoin (BTC) hit new two-week lows at Wednesday’s Wall Street open as traders predicted a rally to a "poor" lower high.
Data from TradingView showed BTC price action dropping below $60,000 for the first time since June 10.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Traders had warned of increasing short interest with rising funding rates, boosting the odds of a capitulatory move lower.
“It's time to start bouncing soon on the LTF,” trader Killa wrote in ongoing commentary on X, referring to low time frames.
Killa uploaded a further chart showing a relief bounce toward $70,000, being due following the bounce.
Fellow trader RektProof had a broadly similar forecast, seeing BTC/USD trading in a range with $60,000 as its floor “for the rest of the month.”
“Overall, a move to supply and back down to the EQ lows before forming back to poor highs + 70k,” he added.
BTC/USDT one-hour chart. Source: RektProof/X
On a macro level, US stocks appeared to have already priced in relief from the US-Iran peace deal.
Related: BTC price four-year trend calls for $76K as analysis says Bitcoin 'not broken'
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