The Bitcoin price on July 1, 2024 is $62,769, and the 24-hour intraday price range is $61,261 to $63,694. The cryptocurrency has a market cap of $1.23 trillion and a 24-hour trading volume of $21.98 billion.
Bitcoin
The Bitcoin hourly chart shows a strong bullish trend starting around $60,620, peaking at $63,724, followed by a slight decline. The increase in volume during the price spike indicates stronger buying interest. A strategic entry point could be around $62,500–$63,000 if there are signs of consolidation and reversal, with a short-term target near the $64,000 range.
The four-hour chart mirrors the hourly chart, showing a clear uptrend from a low of $59,923 to a peak of $63,724, followed by a small correction. The volume pattern supports the price action with a significant spike during the breakout above $60,000. An entry point around $62,500 is recommended, coinciding with the lower boundary of the current consolidation zone.
Looking at the daily chart, we see a broader picture with a downtrend from a high of $71,949 to a low of $58,456, followed by a recovery to $63,724. Bitcoin volume has remained stable, with notable spikes during major price moves. Given the recovery and consolidation, an entry around $62,000-$63,000 is ideal, especially if the price holds above the $60,000 support level.
The oscillators present a mixed picture. The Relative Strength Index (RSI) at 44 and the Stochastic at 43 indicate a neutral stance. The Commodity Channel Index (CCI) at -32 and the Average Directional Index (ADX) at 33 also indicate a lack of strong directional movement. However, the Momentum Indicator at -1352 suggests a buying opportunity, while the Moving Average Convergence Divergence (MACD) at -1530 suggests selling pressure. This mixed signaling environment calls for cautious optimism with a close eye on the market’s further development.
Moving averages (MA) provide additional information. The 10-period exponential moving average (EMA) and simple moving average (SMA) are indicating a buying bias at $62,360 and $61,847, respectively. However, the 20-, 30-, 50-, and 100-period EMAs and SMAs are indicating a selling bias, with the exception of the 200-period EMA and SMA, which are indicating a buying bias at $58,195 and $58,212, respectively. This suggests a short-term bullish outlook, but potential long-term resistance unless significant support levels are maintained.
Bull’s Verdict:
The Bitcoin market outlook for July 1, 2024 is cautiously optimistic, with key levels to watch around $62,500 for entry and $63,724 for exit. The overall trend suggests potential for an upward move if critical support levels are maintained and buying interest persists.
The bear’s verdict:
Despite some bullish signals, the Bitcoin market outlook for July 1, 2024 also presents several sell signals from moving averages and mixed oscillator readings. Traders should remain cautious, keeping an eye on potential downward pressure if key support levels fail.
