On the morning of July 3, the leading cryptocurrency dropped from $62,100 to $60,900. Following the release of macroeconomic data, the coin fell by 3% over the day.
The market reacted negatively to the release of information on job openings and labour turnover in the US for May. The JOLTS figure exceeded forecasted values.
Bitcoin dragged most crypto assets into the “red zone.” Over 24 hours, Ethereum fell by 2.4% to $3360.
According to Coinglass, the total volume of liquidated positions over the day amounted to $122 million, with $102 million being long positions.
Technical analyst Ali noted the emergence of early signs of digital gold accumulation after nearly three months of distribution.
Early signs of #Bitcoin accumulation emerge after nearly three months of $BTC distribution! pic.twitter.com/QdbNHJgWHN
— Ali (@ali_charts) July 2, 2024
He also pointed to the largest spike in active addresses (894,980) since early April.
#Bitcoin recently experienced its highest spike in active addresses since early April, reaching a total of 894,980 active $BTC addresses, as shown in data from @santimentfeed! pic.twitter.com/04OoWnCG3B
— Ali (@ali_charts) July 2, 2024
Even before the decline, Ali stated that there was a large liquidation pool of $23 million at the $61,490 level. After this mark was breached, he anticipated a rebound.
There’s a $23 million liquidation pool at $61,490 that #Bitcoin $BTC might target before rebounding! pic.twitter.com/CeUqibBz6J
— Ali (@ali_charts) July 2, 2024
According to him, if Bitcoin now exceeds $62,600, short positions worth $1 billion will be liquidated.
Over $1 billion will be liquidated if #Bitcoin now rebounds to $62,600! pic.twitter.com/6gBiTTkPiH
— Ali (@ali_charts) July 3, 2024
Analyst and MN Trading founder Michaël van de Poppe spoke of a “mega bearish divergence” on the dominance chart of the leading cryptocurrency, suggesting an imminent reversal after breaking the 0.06 ETH/BTC level.
Mega bearish divergence on the #Bitcoin dominance chart implying that we’re seeing a reversal.
Key level to break: 0.06 ETH/BTC needs to break. pic.twitter.com/xlejEVTXF0
— Michaël van de Poppe (@CryptoMichNL) July 2, 2024
Earlier, Bitfinex reported that holders of digital gold, who had stopped taking profits in early May, resumed selling.
Analysts at CoinDesk identified the $65,000 level as a key resistance point.
CryptoQuant predicted the emergence of conditions for a rally to resume in the third quarter.