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Bitcoin (BTC) maintained its focus around $63,000 on July 2 as market attention shifted towards broader liquidity trends.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin’s price action, as observed through data from Cointelegraph Markets Pro and TradingView, aimed to solidify recent gains following the close of the monthly trading period. Despite encountering resistance above $64,000, Bitcoin traders found reasons for optimism at the start of July.
Popular trader and analyst Rekt Capital noted Bitcoin’s resumption of its upward trajectory in various social media posts on X (formerly Twitter).
BTC/USD chart. Source: Rekt Capital/X
Highlighting the significance of the monthly closing, Rekt Capital identified a breakout from the downtrend that dominated June as a bullish signal. “The objective is to establish a foundation for potential future growth towards the Range High around $71,500,” Rekt Capital explained.
Meanwhile, trader Daan Crypto Trades underscored the impact of United States dollar liquidity trends on Bitcoin’s performance, as reported by Cointelegraph. “BTC’s price movements have closely followed trends in USD liquidity during this period,” he asserted, alongside a comparative chart.
BTC/USDT vs. U.S. dollar liquidity. Source: Daan Crypto Trades/X
Market analyst Cole Garner suggested that recent changes in Federal Reserve liquidity policies could exert short-term influences on Bitcoin’s price strength. “We’ve seen the largest spike in Fed Net Liquidity rate-of-change in 15 months,” Garner observed.
BTC/USD vs. global central bank liquidity. Source: Cole Garner/X
Technical indicators such as Bollinger Bands hinted at heightened volatility ahead for Bitcoin. Notably, on longer-term charts, Bollinger Bands were tightening to levels rarely seen, often preceding significant price movements in Bitcoin’s history.
This article does not provide investment advice. All trading decisions carry risks, and readers are advised to conduct their own research before making any investment decisions.