Bitcoin Tests $65K Resistance With $52M in Liquidations

Bitcoin gained 4.45% on Tuesday after falling to $62.2K on Monday, 13th July, briefly moving above the $65K level before declining 1.37% over the following 48 hours. The rejection at $65K triggered modest liquidations of $52 million in the past 24 hours, significantly lower than the $980 million liquidated on 23rd June when BTC dropped from $64.2K to $62K. AMBCrypto reported fragile market conditions with no Bitcoin-specific demand, negative ETF flows, and a negative Coinbase Premium Index according to a Bitfinex analyst.

Bitcoin Regime Score Shows Modestly Bullish Territory

The Bitcoin Regime Score reached a reading of +34.6 at press time, placing the metric in modestly bullish territory according to crypto analyst Axel Adler Jr. The score combines taker flow, funding rates, Open Interest, exchange flows, ETF flows, and price trends. The pullback below zero on 14th July reversed due to subsequent buying pressure. Main market components pointed in the bullish direction in the short-term, with the regime remaining bullish for the second consecutive week.

Technical Analysis Points to Key Resistance at $65,260

Price action at the time of writing showed Bitcoin at a precarious location with a bearish higher timeframe price trend. Using the impulse price move from $82,850 to $51,888, Fibonacci retracement levels were plotted alongside a second set using the 4-hour timeframe's swing structure. The $65,260 level represented the 78.6% retracement level, functioning as key resistance where a bearish reaction occurred in recent trading hours. Technical analysis indicated potential continuation of the downtrend toward $55,560 and $51,934 in the coming weeks. The bearish scenario would be invalidated upon an H4 session close above $67,292, with a potential rally to $77,489 materializing before the higher timeframe downtrend takes control.

FAQ

What happened to Bitcoin price on Monday, 13th July? Bitcoin fell to $62.2K on Monday, 13th July, then gained 4.45% the following day to move above $65K before declining 1.37% over the next 48 hours.

How much liquidation occurred during Bitcoin's recent price movement? The past 24 hours saw $52 million in BTC trader liquidations, compared to $980 million in liquidations on 23rd June when BTC fell from $64.2K to $62K.

What does the Bitcoin Regime Score indicate? The Bitcoin Regime Score reached +34.6 at press time, indicating modestly bullish territory, with main market components pointing in the bullish direction for the second consecutive week according to analyst Axel Adler Jr.