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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 high...
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Bitcoin July Relief Rally Becomes Traders' "Base Case" As $60K Returns
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 high...
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
Bitcoin appeared to benefit from a drop in US dollar strength, with the US dollar index (DXY) reversing from local highs of 101.6 at the open.
US dollar index (DXY) one-week chart. Source: Cointelegraph/TradingView
Stock markets trended higher after some initial volatility, in part fueled by Meta stock, which added over 11% in the first hour.
Commenting on DXY, trading resource The Kobeissi Letter warned that a broader dollar trend change could come “soon.”
“The long US Dollar trade is crowded: Speculative long positioning in the US Dollar surged to +$34.3 billion as of June 23rd, the highest in 18 months,” it reported on X.
US dollar long position data. Source: The Kobeissi Letter/X
Other market participants continued to call for a BTC price relief rally through July.
Related: Bitcoin just $5K away from ‘best investment opportunity’ of bear market
“Bitcoin Monthly close below its long-term trendline,” trader Titan noted alongside the one-month BTC/USD chart.
BTC/USD one-month chart. Source: Titan/X
Trader and analyst Rekt Capital reiterated his belief that July would offer the opposite of June’s downside before a return to bearish moves in August .
“Red June. Green July. Red August. This is what Bitcoin price history suggests,” he summarized on the day.
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