Bitcoin Rebounds Nearly 10% as Traders Return to Risk Assets

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 7 hours ago

Explore Agentic TradingLet AI Trade for You

Market Rebound: Bitcoin's price has rebounded nearly 10% from its July 1 low, trading near $62,990 on July 6 after climbing from $58,293 earlier in the week, indicating a renewed interest in risk assets among traders.
Impact of Employment Data: The U.S. nonfarm payrolls report for June showed only 57,000 jobs added, significantly below the expected 110,000, which reduced expectations for further tightening by the Federal Reserve and eased pressure on non-yielding assets.
ETF Inflows Recovery: Bitcoin spot ETFs saw over $220 million in net inflows after a 10-day outflow streak, reflecting improved investor sentiment despite over $4.5 billion in redemptions in June.
Technical Analysis: Bitcoin is testing the 0.236 Fibonacci retracement level at $63,994, and a clean break above the $64,000 resistance could open up further upside potential towards $67,587 and beyond.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like BTC with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	51770.187	54785.188	57968.997	60983.998	64167.807	67182.808	70366.617
Fibonacci	54785.188	57153.134	58616.053	60983.998	63351.944	64814.863	67182.808

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Let AI Trade for You

Auto Trading Task on BTC?

Get Started Free