Vol.1 Technical Analysis | BTC Price Lower Highs Keep Bitcoin Bears in Control at $70K

BTC Price Lower Highs Keep Bitcoin Bears in Control at $70K

Bitcoin has been forming lower highs on the daily chart since reaching its all-time high in March, with sellers consistently preventing a new peak, and traders are now paying closer attention to this trend.

BTC Price Stuck in “Middle of Nowhere”

Data from Cointelegraph Markets Pro and TradingView shows that the $70,000 mark has been a significant barrier to Bitcoin’s price recovery in July.

Bitcoin bulls are eager to challenge the $73,800 all-time high from March again, but sellers have maintained control since then.

Traders are increasingly observing this pattern, where each attempt sends BTC/USD lower, keeping it within a five-month trading range.

According to famous trader Daan Crypto Trades, this indicates a significant amount of liquidity above $70,000.

“Bitcoin is showing a series of lower highs close together, indicating that a lot of liquidity, in the form of stop losses and liquidation levels from shorts, is sitting above these levels,” he explained in a July 30 X post.

Daan Crypto Trades, along with others, believes that $72,000 is the critical level for bulls to break. He also mentioned buy-liquidity below the current price. As Cointelegraph noted, this liquidity could become relevant if BTC/USD falls below $64,000.

The post predicted, “Considering it’s at an all-time high, once we surpass the June 7th high, we’ll break through.”

On the downside, there are some wicks around $ 63K-$63.5K, likely containing long stops below. Currently, Bitcoin is in a no-man’s land.

The pattern of lower highs has also been observed by popular trader and analyst Josh Rager.

Agreeing with Daan Crypto Trades, he told his X followers that he isn’t “interested” in trading the current setup without a clear breakout.

“Not much has changed for $BTC since the March highs,” he said of the daily chart.

“Once we get a daily close higher, I’ll be interested again.”