- In July, Bitcoin’s price trends are the center of attention for many investors following a lackluster June.
- Crypto analyst Zen has raised awareness about key liquidity pools that might steer the market for Bitcoin in the coming months.
- Zen’s comments spotlight potential support and resistance points, providing a strategic outlook for traders.
Discover what July could hold for Bitcoin as we analyze key liquidity points and market trends providing a strategic outlook for traders and investors alike.
Key Liquidity Pools Identified by Analyst Zen
The month of June saw Bitcoin breaking below the $60,000 mark, a move that captured the attention of the market. Zen, a respected analyst, remarked that this breach cleared crucial liquidity below $60,630, aligning with earlier price assessments. Despite a subsequent recovery above $60,600, Zen emphasized that the liquidity shake-out suggests a potential short-term revisitation to $60,150.
Zen identified several additional liquidity points poised to influence July’s market dynamics. These points act as both support and resistance levels. For instance, during a prolonged downtrend, liquidity pools at $60,260, $59,440, $58,990, and $56,850 could come into play. Significant trades by major holders at these levels might prompt substantial movements, potentially pushing Bitcoin down to $53,000 if investor sentiment weakens.
Upside Potential and Contrasting Timeframes
Conversely, Zen noted key upside liquidity pools at $61,540, $62,540, $63,260, and $64,920. “Will it dip to ~53k at some point? That move makes sense on a Month timeframe, but doesn’t have to happen,” Zen added, suggesting a degree of uncertainty in predicting exact movements. On the daily chart, Bitcoin experienced a clear downtrend, characterized by selling pressure on each bounce. Yet, the weekly chart shows a choppy sideways market, where rallies and dips both attract investor activity. Zen’s analysis highlighted that the monthly timeframe still indicates an intact uptrend despite recent setbacks.
Outlook for Bitcoin in July
At the moment, Bitcoin is trading at $60,765. According to Zen, a weekly closure above $60,622 would likely signal a bullish July, whereas a close below $59,600 would sustain bearish momentum. Historically, Bitcoin has shown positive movement in July, often registering green candles. This historical behavior suggests that if bulls can surpass the aforementioned liquidity points, there might be an upward trajectory.
Conclusion
In summary, July presents a critical period for Bitcoin, with key liquidity pools acting as pivots for potential price movements. Zen’s analysis provides a roadmap for traders, detailing both support and resistance points that could guide Bitcoin’s journey in the short to medium term. Investors should remain vigilant and consider these levels when strategizing for July, expecting both potential upswings and downtrends based on how prices interact with these pivotal points.
