Analysis of BTC price suggests that Bitcoin purchasers must increase pressure to push the market towards its historical peak once more.
On July 17, Bitcoin reached $66,000, supported by continuous bidding that strengthened bullish sentiment to achieve four-week highs.
Bitcoin prices on Bitstamp fluctuated between $65,351 and $66,129 following the latest daily close, amidst sell-side pressure from Mt. Gox-related coin movements. However, BTC/USD rebounded, securing gains of up to 15% since the uptrend began on July 12.
“That was quick,” popular trader Daan Crypto Trades summarized in his latest post on X (formerly Twitter) alongside an explanatory chart.
“It will be key to hold the green zone going forward. But if we do, then I’m pretty confident we’re back on the upwards trajectory and we’ll break above this range before the Summer ends.”
Other traders also praised the trend but highlighted strong resistance and growing open interest.
Credible Crypto pointed out around 1.5k BTC (100M) in sell orders above current levels, with buyers needing to step in significantly to push the market higher.
Sell orders currently surpass buy orders by a factor of two, requiring substantial buying to counter them.
Meanwhile, fellow trader Skew expressed optimism that “limit buyers on dips” would define short-term price movements moving forward, continuing to support the gains made during the week.
“So far, we continue to observe limit buy orders adjusting upwards with the price, which is a positive sign in the early stages of an uptrend,” he commented regarding Binance’s spot order book behavior on X.
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