CoinGlass data shows that as of press time, $58,018 is the level where Bitcoin attracts the most liquidity, and its price is eroding the buy support below $57,000.
In addition, from July 4 to 5, the total amount of Bitcoin long positions exceeded $220 million. After the weekend, short positions experienced a liquidation, and trader Daan Crypto Trades noticed that some short positions were closed when Bitcoin reached a local high of $58,500.
Other analysts saw encouraging signals from the Bitcoin Relative Strength Index (RSI) on the daily time frame, including bullish divergences. Analyst Wolf wrote on X: "My initial bearish target was $52,000, but it looks like the bulls may be one step ahead of me. The daily RSI indicator showed a clear bullish divergence, and the expanding wedge pattern further increased investor interest." (Cointelegraph)