Analyst Identifies Bitcoin Liquidity Pools You Should Be Aware Of Going Into July

Crypto
analyst
Zen
has
released
a
critical
assessment
of
different
scenarios
to
expect
for
the
Bitcoin
price
in
July.
Bitcoin’s
price
performance
in
June
has
undoubtedly
left

many
investors
disappointed.
This
is
because
the
cryptocurrency

virtually
traded
on
a
decline

throughout
the
month,
even
falling
below
$60,000
at
some
point.
While
the
unfavorable
price
continues
to
play
out,
crypto
analyst
Zen
has
flagged
some
major
liquidity
pools
that
could
determine
Bitcoin’s

outcome
in
July

and
the
next
few
months
in
autumn.

Analyst
Highlights
Potential
Bitcoin
Liquidity
Pools

As
mentioned
earlier,
the
recent
price
decline
saw
Bitcoin
break
below
$60,000
earlier
in
the
week.
Notably,
Zen
observed
that
this
breakdown
represented
cleared
liquidity
under
$60,630,
which
goes
along
with
a
former
price
analysis.
Although
Bitcoin
has
since
recovered
and
returned
above
$60,600,
Zen
noted
that
the
liquidity
clearance
suggests
there’s
still
a
further
risk
of
Bitcoin
falling
back
to
$60,150
in
the
short
term.

Related
Reading

In
addition,
the
analyst
pointed
out
a
number
of
other
liquidity
price
points
that
may
be
used
to
evaluate
momentum
in
July.
It’s
interesting
to
note
that
these
liquidity
points
ultimately
serve
as
both
support
and
resistance
areas.
In
the
case
of
a
continued
decline,
Zen’s
analysis
points
to
liquidity
pools
at
$60,260,
$59,440,
$58,990,
and
$56,850.
Huge
transactions
by
major
holders
at
these
points
could
cause
significant
price
movements.
Clearing
such
pools
could
spell
trouble
for
investor
sentiment,
which
in
turn
could
eventually
cause
Bitcoin
to
dip
to
$53,000.

“Will
it
dip
to
~53k
at
some
point?
That
move
make
sense
on
Month
timeframe,
but
doesn’t
have
to
happen,”
Zen
said.
On
the
upside,
Zen
noted
liquidity
pools
at
$61,540,
$62,540,
$63,260,
and
$64,920.

????

#Bitcoin
Daily
????

Bitcoin
cleared
liquidity
above
second
liquidity
pool
at
62440
✅
Got
rejected
from
developing
quarter
VWAP
VAL.
Now
price
most
probably
will
move
towards
60650-60150
zone.
The
rest
depends
on
price
action
there.

Situation
remains
the
same
and
requires…

pic.twitter.com/LFiiiN9fDH

—
Zen
(@WiseAnalyze)

June
26,
2024

Furthermore,
Zen
pointed
out
that
Bitcoin
is
currently
portraying
contrasting
scenarios
across
different
timeframes.
On
the
daily
chart,
Bitcoin
is
clearly
in
a
downtrend.
Each
bounce
is
getting
sold
into,
indicating
that
the

bears
have
control

of
the
short-term
momentum.
On
the
other
hand,
the
weekly
candle
timeframe
highlights
how
Bitcoin
is
effectively
stuck
in
a
choppy
sideways
range
right
now.

Each
rally
gets
faded,
but
each
dip
also
attracts
buying
interest
and
accumulation.
Lastly,
despite
the
recent
price
decline,
Zen’s
analysis
indicates
that
the
uptrend
remains
intact

in
the
monthly
candle
timeframe.

What
To
Expect
From
BTC
Price

At
the
time
of
writing,
Bitcoin
is
trading
at
$60,765.
According
to
Zen,
a
week
close
above
$60,622
will
increase
the
chances
of
a
Bitcoin
price
upswing
in
July.
On
the
other
hand,
a
closure
below
$59,600
will
maintain
bearish
momentum.