- Bitcoin holds support near $116,500 as intraday rebound hints at buyer interest
- Bullish MACD crossover and RSI at 62.87 signal sustained upside potential
- $27.2M liquidated in 24 hours, with long positions bearing most of the losses
Bitcoin continues to navigate a mildly bearish trend, though signs of a potential recovery are beginning to emerge. As of July 30, BTC is priced at $118,210.17, reflecting a slight daily decline of 0.54%.
Despite the dip, technical indicators and market activity hint at growing support near lower levels. This could position the asset for a possible upward move, depending on how price action unfolds at key levels. Traders are keeping a close eye on both resistance and support zones as Bitcoin attempts to stabilize heading into July 31.
Price Movement and Key Levels
Throughout the day, Bitcoin exhibited a two-phase movement. The session began with a downward drift from just above $118,940, reaching a low near $116,500 mid-day. However, the late-day session brought a partial rebound, forming higher lows and suggesting that buyers stepped in near the bottom.
The immediate resistance lies at $118,940, marking the intraday high where the upward move faced rejection. A minor resistance level also exists around $118,500, which capped recovery momentum.
On the downside, $116,500 remains a strong support level, reflecting a sharp reversal from that point. The area between $117,000 and $117,300 has also shown resilience, with multiple bounces recorded.
Market Indicators and Liquidation Insights
The technical landscape shows a mixed but cautiously optimistic picture. The MACD indicator signals a bullish crossover, with the MACD line sitting above the signal line. A positive histogram reinforces the presence of bullish momentum, though a reversal could occur if the crossover weakens.
Meanwhile, the RSI stands at 62.87 below the overbought threshold of 70 implying sustained bullish energy. However, with recent peaks above 70, a short-term pullback cannot be ruled out.
In the derivatives market, total liquidations over 24 hours amounted to $27.2 million, mostly from perpetual contracts. Long positions saw the brunt of it, with $21 million liquidated, while short liquidations totaled $6.2 million.
Bybit and Binance led the liquidation volumes, followed by OKX, Huobi, and BitMEX. These figures indicate that traders remain reactive to price swings, especially near critical technical levels.
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