Bitcoin (BTC) found fresh strength at Tuesday’s Wall Street open as bulls eyed a revisit of local highs.
Key points:
Bitcoin attempts to push toward the top of its local range, hitting new week-to-date highs.
Liquidity conditions spark warnings of a fresh trip lower.
The 50-day moving average above $73,500 is a point of concern for BTC/USD going forward.
Bitcoin follows stocks in new relief bounce
Data from TradingView showed 4.5% daily BTC price gains, with BTC/USD passing $71,500 for the first time since the weekly open.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Geopolitical tensions around the Middle East conflict and global oil supply remained, but both Asia and US stocks were confident, with the S&P 500 and Nasdaq Composite Index up by around 0.5%.
“From the looks of it, the market is about to tell us where it wants to go next,” trader Jelle wrote in his latest BTC price analysis on X.
“Reclaim resistance again, and bulls will have a much stronger case in the short-term. Reject here, and the deviation + bear retest locks in, making $60k a likely target next.”BTC/USD four-hour chart. Source: Jelle/X
Crypto trader, analyst, and entrepreneur Michaël van de Poppe saw benefits for Bitcoin on the back of a “strong surge” in the Nasdaq.
“Yesterday, deep wick into the lows given the sudden rise on Oil (which was mostly liquidity and derivatives driven). Now, bouncing back and I think we’ll start to run towards new highs as the uncertainty in the Middle-East starts to lower,” he told X followers.
“There are not many arguments left for uncertainty, and in that principle, I do think we’ll see way more upside into Bitcoin & Altcoins during the coming period.”Nasdaq 100 futures one-day chart. Source: Michaël van de Poppe/X
Crypto liquidations stayed elevated as markets fluctuated, with monitoring resource CoinGlass putting total 24-hour liquidations at over $350 million.
Commenting on the data, CryptoReviewing, the pseudonymous cofounder of trading community Wealth Capital, nonetheless agreed that Bitcoin could drop to take long liquidity at $68,000 next.
“$68,000 is the level to watch. The…
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