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Bitcoin price shows “first signs of stability” after last week's crash, says trader

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Traders highlight key price levels for BTC's potential recovery amid mixed signals.

Bitcoin price shows “first signs of stability” after last week's crash, says trader

Key Takeaways

  • Trader Rekt Capital observes initial signs of stability in Bitcoin's daily chart structure post-crash.
  • Key price levels for Bitcoin recovery include $60,600 weekly close and $58,790 quarterly close.

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Bitcoin’s (BTC) daily chart structure is showing its first signs of stability after the crash seen last week, according to the trader who identifies himself as Rekt Capital. In an X post, he highlighted that BTC is getting closer to its previous “June downtrend” line, and this resistance will be challenged if a bullish divergence scenario plays out.

This comes after the trader explained that Bitcoin failed to make a daily close above the $58,350 price level on the daily chart on July 7th, turning this into a point of price rejection. Despite this crash, BTC managed to keep the $56,750 level as support.

Notably, looking at the weekly chart, Rekt Capital doubled down on the importance of a closure above $60,600, so Bitcoin can regain upside momentum. “On this recent rally, BTC has a chance to reclaim $60600 as support to confirm last week’s extensive downside as a fake breakdown. Crucial days ahead,” the trader stated.

Moreover, looking at a larger timeframe, Rekt Capital pointed out the importance of a quarterly closure above the $58,790 price zone. “We’ll see upside & downside beyond & below this level over the coming months. Most important thing will be how BTC Quarterly Closes relative to this level,” he added.

A fellow trader who identifies himself as Altcoin Sherpa also went to X to say that Bitcoin’s daily chart looks “not great.” He shared with his followers today that lower highs and a lower low were formed recently.

“I’d want to see price strongly get above 64k before I call this ‘ok’. More just wait and see before calling this a reversal,” Altcoin Sherpa added.

Therefore, despite showing signs of stability, it is still not clear if Bitcoin will be able to hold its current price levels over the next few days.

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