Bitcoin’s price on July 1, 2024, is currently sitting at $62,769, with a 24-hour intraday price range of $61,261 to $63,694. The cryptocurrency has a market capitalization of $1.23 trillion and a 24-hour trade volume of $21.98 billion.
Bitcoin’s hourly chart reveals a strong upward trend that started at around $60,620 and reached a peak of $63,724 before experiencing a slight decline. The increase in volume during this price surge indicates a stronger interest in buying. If consolidation and reversal signs appear, a strategic entry point could be found between $62,500 and $63,000, with a short-term target set around the $64,000 range.
The four-hour chart mirrors the hourly chart, showing a clear uptrend from a low of $59,923 to a peak of $63,724, followed by a minor retracement. The volume pattern aligns with the price movement, with a significant spike occurring during the breakout above $60,000. It is recommended to consider an entry point around $62,500, which aligns with the lower end of the current consolidation zone.
Analyzing the daily chart, we can observe a broader picture with a downtrend from a high of $71,949 to a low of $58,456, followed by a recovery to $63,724. Bitcoin’s volume has remained stable, with noticeable spikes during major price movements. Considering the recovery and consolidation, an entry around $62,000 to $63,000 is ideal, especially if the price remains above the $60,000 support level.
The oscillators present a mixed picture. The relative strength index (RSI) is at 44, and the Stochastic is at 43, indicating a neutral stance. The commodity channel index (CCI) is at -32, and the average directional index (ADX) is at 33, both suggesting a lack of strong directional movement. However, the momentum indicator is at -1352, indicating a buying opportunity, while the moving average convergence divergence (MACD) level is at -1530, indicating selling pressure. In this mixed signal environment, cautious optimism is advised, with close attention to further market developments.
Moving averages (MAs) provide additional insights. The 10-period exponential moving average (EMA) and simple moving average (SMA) suggest a buying trend, with values at $62,360 and $61,847, respectively. However, the 20, 30, 50, and 100-period EMAs and SMAs indicate a sell, except for the 200-period EMA and SMA, which suggest a buy at $58,195 and $58,212, respectively. This indicates a short-term bullish outlook but potential long-term resistance unless significant support levels are maintained.
Bull Verdict:
The market outlook for Bitcoin on July 1, 2024, is cautiously bullish, with key levels to watch for entry around $62,500 and exit at $63,724. The overall trend suggests potential for upward movement if critical support levels are maintained and buying interest continues.
Bear Verdict:
Despite some bullish signals, the market outlook for Bitcoin on July 1, 2024, also presents several sell signals from moving averages and mixed oscillator readings. Traders should remain cautious and watch for potential downward pressure if key support levels fail.
Register your email here to receive weekly price analysis updates sent to your inbox.
What are your thoughts on Bitcoin’s market action on Monday? Share your opinions and thoughts on this subject in the comments section below.
