- Bitcoin could reach the $60,500 level if the daily candle closes above the $58,500 level.
- Experienced trader Peter Brandt suggests a short-term buy signal in Bitcoin.
In recent days, the overall cryptocurrency market has been very volatile and has seen constant ups and downs.
Amid this challenging situation, Michael Saylor, the founder and chairman of MicroStrategy, and veteran trader Peter Brandt took a bullish stance on Bitcoin. [BTC].
Michael Saylor and Peter Brandt post on X
On July 7, 2024, Michael Saylor made a after on X that says that
“Bitcoin is designed to keep winning.”
This message from the chairman of MicroStrategy emphasizes that Bitcoin is designed to succeed and become more valuable over time, despite everything happening in the market.
Along with the tweet, he also shared an image showing BTC’s performance over the year, compared to other asset classes including gold and silver.
Separately, a prominent veteran trader Peter Brandt also made one after on He also added that this is a short-term buy signal.
Both tweets from industry giants received huge attention from investors and traders in this challenging situation and could influence the emotions of the bulls.
Bitcoin technical analysis and key levels
According to technical analysis, Bitcoin is currently looking bearish and is facing resistance from the 200 Exponential Moving Average (EMA) near the $58,000 level.
This 200 EMA could pose a hurdle for BTC until the candle breaks above the $58,500 level.
Source: TradingView
Despite strong resistance, the Relative Strength Index (RSI) is in oversold territory and forming a bullish divergence, indicating a possible sign of recovery.
There is a high chance that BTC will reach the USD 60,500 level if it gives a daily candle close above the USD 58,000 level.
According to on-chain analytics firm CoinGlass, if BTC reaches the $60,500 level, nearly $2.4 billion in short positions will be liquidated.
Meanwhile, Bitcoin’s open interest (OI) is up 1.4% over the past 24 hours, according to CoinGlass data. This increase in OI indicates mild interest from investors and traders in Bitcoin.
Source: CoinGlass
BTC price performance analysis
At the time of writing, BTC is trading near the $57,800 level and has experienced 2% upside momentum over the past 24 hours.
Read Bitcoin’s [BTC] Price forecast 2024-25
However, trading volume fell by 37% over the same period, indicating a decline in investor and trader participation over the past 24 hours.
If we look at BTC’s performance over a longer period of time, it is down 6% over the past 7 days. While BTC has lost more than 20% of its value in the last 30 days, falling from $71,300 to $57,800.