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hafsa

07/06 10:23

Can Bitcoin maintain momentum above $63K?

#BTC Prophet: 20-Day 380 Million HTX Challenge #World Cup Predictions: 100,000 USDT Daily #TradFi Trading Strategies Sharing Challenge Can Bitcoin maintain momentum above $63K? Bitcoin hit a two-week high above $63K before cooling. Open interest and long-short positioning remain largely balanced. Bitcoin must hold $62.6K support to target $65.2K and $67.3K next. Bitcoin’s latest rally pushed it to a two-week high above $63,000 over the weekend before cooling off. According to market data from CoinGecko, Bitcoin briefly touched nearly $63,900 during the US holiday weekend before retreating toward $63,200 on Monday, holding on to most of its weekly gains after rising more than 5% over the past seven days. The weekend advance was driven by a combination of weaker-than-expected US economic data, renewed demand through spot Bitcoin exchange-traded funds (ETFs), and a wave of short liquidations that accelerated the move higher. Fresh optimism emerged after the US Bureau of Labor Statistics reported that the economy added only 57,000 jobs in June, well below forecasts of 110,000.  The weaker labour report prompted traders to dial back expectations of further Federal Reserve tightening, easing pressure on Treasury yields while reducing the opportunity cost of holding assets such as Bitcoin. Supporting that view, CME Group's FedWatch Tool showed markets assigning nearly an 80% probability that the Federal Reserve will leave interest rates unchanged at its July meeting, while QCP Capital said softer inflation data would still be needed before markets could fully price in a more accommodative policy outlook. The macro backdrop coincided with a heavily short-positioned derivatives market after Bitcoin spent much of June trading near the $58,000-$60,000 range.  Once the price reclaimed the psychologically important $62,000 level, short sellers were forced to close positions, triggering a rapid squeeze. Market commentator Daan Crypto Trades described the move as a cl
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