Navigating the Impending Formation of Bitcoin Ranges Heres How

Coin World News Report:
Bitcoin does not have enough demand in the short term to sustain its surge above $60,000. Traders should prepare for a bearish reversal on Monday, but should be cautious of volatility.
Bitcoin fell by 16.2% from Monday, July 1 to Friday, July 5. After reaching a low of $535,000, BTC rebounded by 9.33% in the next day and a half. The significant price drop may form a short-term range.
AMBCrypto analyzed liquidation charts and price trends to understand the price movement for the next week. Whales are accumulating BTC, but market sentiment is weak and the inflow of coins into exchanges is concerning.
Plotting the Bitcoin price path for next week
The 4-hour chart shows a potential range forming between $580,000 and $535,000. On July 5, the mid-level of $5,620 acted as support when the price attempted to rebound.
The H4 RSI is at 44, facing rejection at the neutral 50. However, RSI may rise in the next day or two as the range high beckons.
On the other hand, OBV is still in a downward trend, warning the bulls not to be fooled.
The liquidation heatmap for the past three months shows a high concentration of liquidation levels at $55.5 million. This liquidity pool has been swept away, and in the coming weeks, BTC may seek to move it northward to the liquidity area of $7,300.
However, the possibility of an immediate reversal in the short term is unlikely. Bulls need time to gather strength before pushing upward. The range outlined earlier is expected to persist for about a week.
Overview of key price levels for Bitcoin
The 7-day liquidation heatmap shows that the $59,000 to $59,300 range has reached the liquidation level. This is consistent with the range high of $58,800.
The magnetism zone below $60,000 may attract the Bitcoin price.
AMBCrypto also analyzed the liquidation levels. They revealed that the cumulative liquidation level delta remains largely negative, but has slightly declined since reaching its peak on July 5.
Therefore, July 8 (Monday) may start searching for overleveraged short sellers.
Reading Bitcoin’s [BTC] price prediction for 2024-25
Although the cryptocurrency king does not have enough bullish sentiment or demand to drive a quick rebound, traders should not overlook the potential for a breakthrough above $60,000.
Based on the current situation, a bearish reversal is expected to occur from the $5,920 region, and caution should be exercised regarding the volatility around 1:00 PM UTC on Monday before the New York Open.