Bitcoin traders express optimism even as BTC price targets shift lower

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Traders claim Bitcoin’s drop below $58,000 is a bottom signal, but it remains unclear whether investors will buy the dip and stave off further downside.

Bitcoin traders say “the bottom is in” even as BTC price retests the 200-day moving average and threatens to descend lower.

Data from Coinglass shows that over the last 24 hours, $98.04 million worth of long Bitcoin positions have been liquidated against $22.6 million worth of short liquidations. The trader explained that if Bitcoin price produces a daily candlestick close above this level, “we’re looking at a successful sweep of the lows,” followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index .the following chart on July 4: The Bitcoin price is retesting the “200D MA” for the first time since October 2023, before the

“So in order for this HTF MA to actually act as a systematic trigger for the market, we need to see market demand & reversal signs.”the following chart, explaining that the current correction is just a healthy pull-back setting up BTC from a massive breakout on the upside after completing the Wyckoff method reaccumulation method.Daan Crypto Trades noticed more than $200 million in longs and has just entered its position on Bitcoin’s move back above the 200-day SMA.

 

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