{"id":3456,"date":"2024-07-09T08:46:59","date_gmt":"2024-07-09T08:46:59","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=3456"},"modified":"2025-05-15T06:28:16","modified_gmt":"2025-05-15T06:28:16","slug":"btc-july-9th-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/btc-july-9th-2024\/","title":{"rendered":"BTC Analysis (July 9th, 2024): Relief After Dip Below $60K?"},"content":{"rendered":"\n

After a price decline of 15% from $63,750, where Bitcoin rejected off the Daily 20 Exponential Moving Average (EMA)<\/a>, the Bitcoin price is now finding some slight pause at $54,000 – $57,000.<\/p>\n\n\n\n

This relief is accompanied by a bullish RSI divergence on the daily timeframe, which has traders asking themselves: Is the bottom in? Or are we just seeing a temporary relief before a larger drop?<\/p>\n\n\n\n

Technical Analysis of BTC (July 9th, 2024)<\/h2>\n\n\n\n

One interesting thing to note is that Bitcoin has now formed a bullish RSI divergence on the daily timeframe, which could signal a temporary relief in the asset. This relief can come in the form of a price rise or sideways consolidation before further price decline.<\/p>\n\n\n\n

If Bitcoin does climb higher, we can identify some key levels to watch by using the Anchored Volume Profile tool, which helps identify significant trading zones in the chart.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Let\u2019s break down the key levels to watch by drawing an anchored volume profile from December 2023, when Bitcoin saw a two-month consolidation before a parabolic run. Currently, Bitcoin is trading in an ”air pocket,” indicating low trading volume since December 2023. This suggests a lack of trader interest in this area, which means Bitcoin could behave in a choppy manner before testing key interest areas.<\/p>\n\n\n\n

Key resistance levels ahead are:<\/h3>\n\n\n\n
    \n
  1. Daily 200 EMA:<\/strong> Approximately $58,180<\/li>\n\n\n\n
  2. High Volume Node: <\/strong>Approximately $60,300 \u2013 $61,300<\/li>\n\n\n\n
  3. Daily 20 EMA: <\/strong>Approximately $60,374<\/li>\n<\/ol>\n\n\n\n

    Key support levels below are:<\/h3>\n\n\n\n
      \n
    1. Moderate Volume Node: <\/strong>Approximately $52,500 – $51,000<\/li>\n\n\n\n
    2. Moderate Volume Node:<\/strong> Approximately $47,500 – $46,850<\/li>\n\n\n\n
    3. High Volume Node: <\/strong>Approximately $44500 – $43,000<\/li>\n\n\n\n
    4. Point of Control (Highest Trading Volume): <\/strong>$42,223.96<\/li>\n<\/ol>\n\n\n\n

      Depending on how Bitcoin reacts at these levels, we may acquire a fantastic short-selling or long trade opportunity. Until then, it\u2019s advisable for traders to remain patient and wait for a clear reaction at these zones before entering a swing trade. For now, Bitcoin may remain choppy due to being in an \u201cair pocket,\u201d with movements primarily fueled by trading algorithms until a bigger player steps in.<\/p>\n\n\n\n

      Fundamental Factors: Fed Chair Powell’s Speech Today<\/h2>\n\n\n\n

      We must also keep in mind that Chair Powell is testifying today about the Semi-Annual Monetary Policy Report before the Senate Banking Committee, in Washington DC.<\/p>\n\n\n\n

      The timing is as follows:<\/p>\n\n\n\n