⚠️ Potential BTC Volatility
A deluge of potential BTC price volatility triggers is due this week, with participants eyeing the crucial support zone.
📉 Key Support Level
Bitcoin risks losing its uptrend if it ends June below $56,500, warns trading resource Material Indicators. BTC hit its lowest levels since early May this week, making May lows a critical level.
🔥 Market Pressure
Market pressure is expected to increase as weekly, monthly, and quarterly closes all occur on the same day. Bears gaining the upper hand would make $56,500 a vital defense level for buyers.
📊 Order Book Liquidity
Material Indicators' Keith Alan warned of potential "spoofing" as order book data from Binance showed strengthening bid liquidity between the current spot price and $55,000.
📈 RSI Rebound
Bitcoin traders are betting on a rebound, with the BTC/USD pair experiencing its most “overbought” conditions since August 2023. RSI levels acting as bottom signals leave room for growth if Bitcoin and ETH lead the way.
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