Bitcoin started July with a bang, rallying above $60,000 as traders predict a relief rally as the “base case” throughout the month.
Bitcoin (BTC) rallied to $60,000 at Wednesday’s Wall Street open as stocks moved higher and US dollar strength fell.
Data from TradingView showed BTC/USD spiking to $60,475 on Bitstamp, taking daily gains to nearly 3%.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The new monthly candle had started with a bump and a trip to new multiyear lows for the pair, and 24-hour crypto long liquidations totaled more than $200 million at the time of writing, per data from CoinGlass.
BTC/USD vs. cryptocurrency liquidations (screenshot). Source: CoinGlass
“$BTC showing a lovely pump this NY session,” trader Lennaert Snyder wrote in a response on X.
Snyder expected a low-time frame reversal to kick in, with an accompanying chart showing “exhaustion” to hit before price reached $60,700.
BTC/USDT one-hour chart. Source: Lennaert Snyder/X
Fellow trader Daan Crypto Trades saw a potential breakout on the cards should price attack either end of its low-time-frame range.
“Let’s see if this turns this $58K-$61K area into a range for the time being,” he told X followers on the day.
BTC/USDT perpetual contract one-hour chart. Source: Daan Crypto Trades/X
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