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Bitcoin Weekly Candle Close

Written By: ChartChamp

July 8, 2024

The weekly candle has officially closed. If Bitcoin closed above $60k the price action would be bullish, and a close around $52k would be bearish. We closed somewhere in the middle around $55.8k, which is not concerning but not bullish either. This upcoming week I want to see if we can start a rally after June CPI and PPI data is released. The RSI has reached an important level for a bullish bounce. Last time it took several weeks to bottom out before starting a rally. I just hope we don’t keep wasting more time trading in a range. That is one of the reasons why I was hoping for a quick bullish rebound after the 4th of July selloff. We’ll see how this upcoming week looks especially if we start to rally after June CPI and PPI data is announced.

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