Bitcoin traders hope bottom is in after BTC price bounces 9% from lows

Bitcoin (BTC) circled $57,000 into the July 7 weekly close as markets sprang back from “tremendous downside deviation.”

BTC/USD 1-hour chart. Source: TradingView

Trader sees “positive signs” from BTC price daily closes

Data from Cointelegraph Markets Pro and TradingView showed BTC price action cementing a range roughly 8% above the week’s $53,500 lows.

These had come after the July 5 daily close, and represented the lowest levels for BTC/USD since late February.

Despite “out of hours” weekend trading, however, Bitcoin bulls managed to recover some lost ground, leaving the lows as an outlier at the time of writing.

“Tremendous deviation to the downside in recent days,” popular trader and analyst Rekt Capital summarized in one of his latest analysis posts on X (formerly Twitter).

“But now that Bitcoin has most recently Daily Closed above the $56750 to protect this level as support… Bitcoin is showing positive signs to continuing the clustering around the Range Low area.”BTC/USD chart. Source: Rekt Capital/X

BTC/USD ultimately just missed out on a pivotal price point at its most recent daily close, which came in at $58,250 versus the desired $58,450 — an achievement that Rekt Capital argued “would fuel upside to ~$60600.”

BTC/USD chart. Source: Rekt Capital/X

The latest live data from monitoring resource CoinGlass showed $58,018 as the level attracting the most liquidity to the upside at the time of writing, with price eating into bid support below $57,000.

BTC liquidation heatmap (screenshot). Source: CoinGlass

BTC long liquidations from July 4 to 5 totaled more than $220 million, with the cross-crypto total at $750 million.

Crypto liquidation (screenshot). Source: CoinGlass

Shorts then followed over the weekend, with popular trader Daan Crypto Trades noting some short positions closing out on the way to local highs of $58,500.

Source: Daan Crypto Trades