After Wall Street opened on July 6, stocks continued to be wildly volatile as yearly highs gave way to losses. Data from Cointelegraph Markets Pro and TradingView tracked BTC price action, with bitcoin oscillating around the $30,000 mark.
Earlier in the day, bitcoin surged to its highest level since mid-2022, but the party was ultimately short-lived as the largest cryptocurrency gave up all its gains.
BTC/USD even hit a fresh July low on Bitstamp, bottoming at $29,925 so far. As the "scalper's dream" materialized on the charts, traders took a step back to see what happened next. Popular trader Jelle is among those eyeing a possible return to the $28,000 range, which he thinks would be an appropriate buying point.
Financial commentator Tedtalks macro sees the move from below to $30,000 as "mostly spot" buying, with derivatives traders playing catch-up to clear the range high. “The lows have been broken again,” wrote Michaël van de Poppe, founder and CEO of trading firm 8, in comments posted on Twitter.
“Needs to flip here or Bitcoin could hit the $28,500 level. Market expects rate hike due to positive unemployment data.” Van de Poppe pointed to strong US jobs data ahead of Wall Street's open, which bolstered already high expectations that the Federal Re serve will raise interest rates again later in July.
Those expectations were closer to 95% at the time of writing, according to the CME Group's FedWatch tool. Although open interest was wiped when returns fell below $30,000, overall liquidation remained cold. According to data from monitoring resource CoinGlass, BTC long and short liquidations totaled $43 million on July 6. Liquidations across cryptocurrencies totaled approximately $120 million.
