Analyst Identifies Bitcoin Liquidity Pools You Should Be Aware Of Going Into July

2 days ago

Crypto expert Zen has released a captious appraisal of antithetic scenarios to expect for the Bitcoin terms successful July. Bitcoin’s terms show successful June has undoubtedly near many investors disappointed. This is due to the fact that the cryptocurrency virtually traded connected a decline passim the month, adjacent falling beneath $60,000 astatine immoderate point. While the unfavorable terms continues to play out, crypto expert Zen has flagged immoderate large liquidity pools that could find Bitcoin’s outcome successful July and the adjacent fewer months successful autumn.

Analyst Highlights Potential Bitcoin Liquidity Pools

As mentioned earlier, the caller terms diminution saw Bitcoin interruption beneath $60,000 earlier successful the week. Notably, Zen observed that this breakdown represented cleared liquidity nether $60,630, which goes on with a erstwhile terms analysis. Although Bitcoin has since recovered and returned supra $60,600, Zen noted that the liquidity clearance suggests there’s inactive a further hazard of Bitcoin falling backmost to $60,150 successful the abbreviated term.

In addition, the expert pointed retired a fig of different liquidity terms points that whitethorn beryllium utilized to measure momentum successful July. It’s absorbing to enactment that these liquidity points yet service arsenic some enactment and absorption areas. In the lawsuit of a continued decline, Zen’s investigation points to liquidity pools astatine $60,260, $59,440, $58,990, and $56,850. Huge transactions by large holders astatine these points could origin important terms movements. Clearing specified pools could spell occupation for capitalist sentiment, which successful crook could yet origin Bitcoin to dip to $53,000.

“Will it dip to ~53k astatine immoderate point? That determination marque consciousness connected Month timeframe, but doesn’t person to happen,” Zen said. On the upside, Zen noted liquidity pools astatine $61,540, $62,540, $63,260, and $64,920.

📉 #Bitcoin Daily 📈

Bitcoin cleared liquidity supra 2nd liquidity excavation astatine 62440 ✅ Got rejected from processing 4th VWAP VAL. Now terms astir most apt volition determination towards 60650-60150 zone. The remainder depends connected terms enactment there.

Situation remains the aforesaid and requires… pic.twitter.com/LFiiiN9fDH

— Zen (@WiseAnalyze) June 26, 2024

Furthermore, Zen pointed retired that Bitcoin is presently portraying contrasting scenarios crossed antithetic timeframes. On the regular chart, Bitcoin is intelligibly successful a downtrend. Each bounce is getting sold into, indicating that the bears person control of the short-term momentum. On the different hand, the play candle timeframe highlights however Bitcoin is efficaciously stuck successful a choppy sideways scope close now.

Each rally gets faded, but each dip besides attracts buying involvement and accumulation. Lastly, contempt the caller terms decline, Zen’s investigation indicates that the uptrend remains intact successful the monthly candle timeframe.

What To Expect From BTC Price

At the clip of writing, Bitcoin is trading astatine $60,765. According to Zen, a week adjacent supra $60,622 volition summation the chances of a Bitcoin terms upswing successful July. On the different hand, a closure beneath $59,600 volition support bearish momentum.

Bitcoin has a beauteous coagulated way grounds successful the seventh month. More often than not, July has registered greenish candles for BTC. This humanities inclination could spot Bitcoin eyeing imaginable upswings, particularly if the bulls are capable to sprout past the liquidity levels connected the upside.