Bitcoin bulls’ elation does not last long as the cryptocurrency trades in its new annual highs for a journey to its new July lows.
After the market opened on July 6, Bitcoin’s snap volatility persisted as annual highs gave way to a decline.
Cointelegraph Markets Pro and TradingView data tracked the swings of the Bitcoin price as it hovered near $30,000.
Bitcoin’s early-day run to its greatest levels since mid-2022 proved to be short-lived, as the biggest cryptocurrency promptly reversed course and lost all of its gains.
Even on Bitstamp, the BTC/USD pair dropped to a new July low of $29,925. Traders paused to see what would happen once a “scalper’s dream” was realised on the charts.
One such trader is the well-known Jelle, who has said that a return to the $28,000 level would be a good buying opportunity.
According to Tedtalksmacro, a financial observer, the rise to $30,000 from below was “mostly spot” purchasing, with futures traders catching up to permit the sweep of range highs.
“Lows are getting taken again,” Eight Trading business founder and CEO Michal van de Poppe remarked in a tweet.
Bitcoin has to reverse course here or a drop below $28,500 is inevitable. In response to encouraging jobless numbers, markets are pricing in a rate increase.
Earlier this morning, the United States government issued excellent job figures, which Van de Poppe noted as evidence that the Federal Reserve is likely to raise interest rates again later in the month.
At the time of writing, the FedWatch Tool from CME Group indicated that confidence in this outcome was approaching 95%.
Even if open interest was eliminated when the return was less than $30,000, liquidations as a whole were quite calm.
Long and short BTC liquidations totalled $43 million on July 6, according to data from the tracking platform CoinGlass. There was a total of almost $120 million liquidated among several cryptocurrencies.
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