Bitcoin nears $63.5K into weekly close as trader warns of 'terrible' Monday

Bitcoin (BTC) consolidated adjacent two-week highs into Sunday’s play adjacent arsenic traders geared up for caller marketplace turbulence.

Key points:

• Bitcoin approaches its highest levels successful 2 weeks, but Mondays person been "terrible" for BTC terms action, a trader warns.
• BTC/USD is successful the process of deciding the destiny of its 200-week moving average.
• Crypto marketplace investigation sees "greener shoots" connected the backmost of the latest US macro data.

Trader: Past 7 Mondays "absolutely terrible" for BTC price

Data from TradingView showed BTC/USD focusing connected $62,700, the tract of a key semipermanent inclination line, the 200-week elemental moving mean (SMA).

BTC/USD four-hour illustration with 200-week SMA. Source: Cointelegraph/TradingView

Bulls managed a travel to $63,450 connected Saturday amid thinner speech bid books and a three-day US vacation weekend.

“Seeing stronger passive proviso present pressing terms from above,” commentator Exitpump wrote successful their latest analysis connected X.

BTC order-book data. Source: Exitpump/X

Trader Daan Crypto Trades flagged abbreviated presumption liquidations arsenic the terms gained, with information from CoinGlass putting the 24-hour crypto full astatine $167 million.

“Classic abbreviated squeeze, terms grinds higher into a level everyone's shorting until forced covering does the rest,” helium commented connected X. 

“Now the question is whether $62.6K (Weekly 200MA) holds arsenic enactment oregon if this was conscionable liquidity getting cleared earlier rolling implicit again.”

BTC/USD vs. crypto liquidation past (screenshot). Source: CoinGlass

Fellow trader Killa had a connection of warning, reiterating that the past 7 Mondays had seen large terms weakness.

“7/7 Mondays person been perfectly unspeakable for $BTC,” they told X followers. 

“Will we repetition the nonstop aforesaid signifier adjacent week?”

Bitcoin ETFs lend to crypto's "greener shoots"

In a new analysis published connected Friday, trading institution QCP Capital eyed imaginable tailwinds forming for crypto and hazard assets.

Related: Bollinger Bands creator eyes Bitcoin bear-market end, 'W'-shaped reversal

These included renewed nett inflows to the US spot Bitcoin exchange-traded funds (ETFs).

As Cointelegraph reported, past week’s US nonfarm payrolls study came successful beneath anticipated levels, sparking a softening successful hawkish expectations of involvement complaint hikes by the Federal Reserve.

“The clearest dovish archer was a 2% popular successful gold, though that reads much arsenic a real-rate and safe-haven hedge than maturation conviction,” it acknowledged. 

“Crypto, though, is showing greener shoots: BTC spot ETFs snapped a six-session outflow streak to propulsion successful $224mn connected Thursday, their archetypal affirmative people successful implicit a week and an aboriginal motion that dip buyers are stepping backmost successful aft astir $2.4bn of redemptions.”

Fed people complaint probabilities for July 29 FOMC gathering (screenshot). Source: CME Group

The latest information from CME Group’s FedWatch Tool saw a near-80% accidental of the Fed holding rates astatine existent levels astatine its July 29 meeting.

QCP added that earlier then, conducive Consumer Price Index (CPI) ostentation information would beryllium needed for “broader confirmation of a front-end dovish repricing.”