While Bitcoin was traded around $ 59,700 as of June 30, evaluations that the market continues to search for a permanent bottom stand out. Analysts are watching for the possibility of an upside reaction after testing the liquidity area around $58,000 in the short term.
Similarity to previous bear market structure
Jelle notes that Bitcoin’s current pullback appears similar to the bottoming structure of the previous bear market. Accordingly, the price retreated sharply after the major peak, dropped to an important support zone, and then entered the process of forming a possible bottom.
The main level that stood out in this comparison was $68,500. Bitcoin recently fell below this zone and remains below this level. For this reason, $68,500 is watched as a strong resistance area in possible recovery attempts.
While Jelle points out that Bitcoin may be forming a long-term bottom, he emphasizes that the $ 68,500 region must be regained for confirmation of stronger momentum.
According to the analyst, the possible recovery may not follow a linear course. As in the previous bottom period, scenarios include the price moving horizontally and fluctuating for a while and then attempting a stronger rise.
The 58 thousand dollar region is watched critically in the short term
Kaz, on the other hand, predicts that Bitcoin may first drop to around 58 thousand dollars due to the liquidity accumulated under the current horizontal band. The analyst thinks that the fluctuating price movement that has been going on for several days has created a liquidity structure concentrated in this region. Liquidity refers to the buying and selling orders accumulated in the market at certain price levels.
Mini dictionary: A liquidity sweep means that the price drops to a certain level for a short time to execute heavy orders. A change in direction may occur after such movements, but it does not guarantee a permanent recovery in all cases.
In Kaz’s scenario, Bitcoin may make a short-term decline below $58,120. After the orders in this region are cleared, it is possible that the price will react towards the resistance range between 62 thousand 400 and 63 thousand 200 dollars.
| Level | Importance |
|---|---|
| 58 thousand dollars | Liquidity and support zone monitored in the short term |
| 62 thousand 400 to 63 thousand 200 dollars | First resistance area in possible reaction rise |
| 68 thousand 500 dollars | Main resistance to be overcome again for stronger recovery |
Kaz states that the possibility of an upward turn remains on the table after a liquidity clearing that can be seen around 58 thousand dollars, but a clear loss of this region will weaken the recovery outlook.
While the cautious stance continues in the short-term outlook, June 30 is considered as a threshold day where volatility may remain high. Analysts think that if buyers do not step in, the price may face downward pressure once again.
However, in the broader context, a completely downward-oriented picture is not drawn. Kaz points out that July has historically been positive for Bitcoin most of the time. However, for this expectation to remain valid, it is important to see a strong reaction around 58 thousand dollars.
