On the flip aspect, BTC managed to reclaim a key help stage, which ought to present extra upside momentum.
The US CPI knowledge for June introduced a much-needed aid rally within the cryptocurrency markets, pushing the biggest of the bunch to a brand new three-week peak at $65,500.
Nonetheless, after gaining about $4,000 in only a day, the asset was rejected and pushed south by $1,500. In line with well-liked crypto analysts, this was not an remoted or unintended rejection, as historical past may map out the trail ahead.
Why Was BTC Stopped?
Crypto Rover noted that BTC has confronted the identical state of affairs after each aid rally throughout this bear cycle. It surges to the Brief-Time period Holder Realized Worth, after which the bears step up and halt its progress. He believes it is because it’s the common price foundation of current patrons.
“As quickly as they get again to break-even, many promote to exit their positions.”
This sample first performed out in November final yr, after the infamous October crash, which worn out over $19 billion in leveraged positions. BTC was stopped at $115,000 on the time, earlier than related occurrences passed off throughout January’s rally to $95,000, and the mid-Might surge to $83,000.
Merlijn The Dealer shared the same opinion, claiming he envisioned this bull-trap rally to $65,500. He believes one other leg down is within the making and predicted a “flush towards the $58.5K-$60K order block.”
He outlined the importance of the $63,000 help. If held, BTC may nonetheless see some upward momentum, particularly if it reclaims the aforementioned $65,500 resistance. Nonetheless, a breakdown beneath $63,000 is prone to end in one other sub-$60,000 dip.
On The Flip Facet…
One other well-liked analyst, Jelle, outlined a slightly contrasting state of affairs. He indicated that BTC’s current transfer represented a “massive win for the bulls,” because the asset has “reclaimed the earlier vary lows.” He warned that bitcoin tends to maneuver slowly through the summer time and buyers ought to be cautious about turning into too bullish throughout such not-ideal market situations.
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However, Jelle added that it is a “good begin” for bitcoin, however a extra profound transfer north would require breaking many key ranges earlier than “issues actually change for the higher.”
Massive win for the bulls, $BTC has reclaimed the earlier vary lows!
Good begin, however nonetheless a great deal of ranges to interrupt earlier than issues actually change for the higher.
It is nonetheless summer time; tends to be gradual – and I will deal with the market accordingly. DCA, nothing extra. pic.twitter.com/XrpNvb3uoE
— Jelle (@CryptoJelleNL) July 16, 2026
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