The Bitcoin price continued its correction on July 4, dropping 3.34% in the last 24 hours and 5.82% in the last week. <\/p>\n
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $56,709 after losing the key support provided by the psychological $60,000 level. <\/p>\n
Meanwhile, the total crypto market capitalization has dropped by 4.23% over the last 24 hours to rest at $2.13 trillion at the time of publication. The 42% leap in the total trading volume is testimony to the sell-side intensity in the crypto market. <\/p>\n
Bitcoins drop below $57,000 on June 4 has led to massive liquidations across the crypto market. <\/p>\n
Data from CoinGlass shows that over the last 24 hours, $98.04 million worth of long Bitcoin positions have been liquidated, compared to $22.6 million worth of short liquidations. <\/p>\n
Approximately $333.1 million of leveraged long crypto positions were liquidated in the 24 hours against $50.52 million short positions. <\/p>\n
Despite the bearish price action across the entire crypto sector being led by Bitcoin, analysts are still optimistic about BTCs potential recovery to higher levels. <\/p>\n
Bitcoin bouncing back up, now back above the 200-day EMA, Bitcoin analyst Jelle wrote a June 4 post on X. <\/p>\n
The analysts sentiments appear to have been informed by Bitcoins drop below the 200-day exponential moving average (EMA) during the early Asian trading session on June 4, as earlier reported by Cointelegraph. <\/p>\n
The trader explained that if Bitcoin price produces a daily candlestick close above this level, were looking at a successful sweep of the lows, followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index (RSI). <\/p>\n
Fellow analyst Skew shared the following chart on July 4: The Bitcoin price is retesting the 200D MA for the first time since October 2023, before the approval of spot Bitcoin ETFs. <\/p>\n
According to the analyst, the latest drop seen in the price of the pioneer cryptocurrency has been fueled by trend rejection and reversal around $64,000. <\/p>\n
At the time of publication, the Bitcoin price had coiled back above the 200-day EMA, currently at $58,256. <\/p>\n
Rekt Capital said that Bitcoins current 22% pullback has lasted approximately 45 days and is an above-average pullback. <\/p>\n
Meanwhile, pseudonymous analyst Yoddha simply said that the local bottom is in for the price of the flagship cryptocurrency. <\/p>\n
Moustache shared similar sentiments, explaining that a retest of the 200-day EMA has always marked a bottom range over the last 18 months. <\/p>\n
Related: Bitcoin will crash to $50K, 10x Research warns <\/p>\n
In a different post, the analyst shared the following chart, explaining that the current correction is just a healthy pull-back setting up BTC from a massive breakout on the upside after completing the Wyckoff method reaccumulation method. <\/p>\n
Daan Crypto Trades noticed more than $200 million in longs and has just entered its position on Bitcoins move back above the 200-day SMA. <\/p>\n
CoinGlass data indicates that $57,615 is a significant area of 12-hour bid liquidity just below the spot price, with about $24.61 million in buy orders. <\/p>\n
This area could provide the demand pressure required to pull Bitcoin out of the extended downtrend. <\/p>\n
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. <\/p>\n
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Bitcoin traders express optimism even as BTC price targets shift lower - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Bitcoin price continued its correction on July 4, dropping 3.34% in the last 24 hours and 5.82% in the last week. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $56,709 after losing the key support provided by the psychological $60,000 level. Meanwhile, the total crypto market capitalization has dropped by 4.23% over the last 24 hours to rest at $2.13 trillion at the time of publication. Continue reading