Bitcoin Nearly Recovers This Week’s Losses: Will It Target New Highs in the Second Half of the Week?

Bitcoin Nearly Recovers This Week’s Losses: Will It Target New Highs in the Second Half of the Week?

July 2nd Daily Chart Analysis

• Bitcoin’s daily closing price has risen above the 14-day Exponential Moving Average (14EMA), suggesting a bullish short-term trend. Oscillators show upward momentum, indicating renewed strength.
• Yesterday, Bitcoin gained 2.4%, closing at ¥15.56 million, nearly erasing this week’s earlier losses. The daily chart now floats above key moving averages again, signaling a return to bullish momentum.

• Key oscillators are trending upward:

  • The Commodity Channel Index (CCI) rebounded to +63.
  • Fisher Transform remains in positive territory but below its trigger line.
  • The MACD (long-term oscillator) formed a golden cross last week.
• The ADX (10) volatility index has dipped recently, indicating weaker trend strength.

Market Outlook

After Monday and Tuesday’s dip, Bitcoin’s weekly chart has nearly returned to its opening price. With oscillators reversing upward and technical indicators turning bullish again, the market suggests resilience. Buyers have stepped in, and the latter half of the week could see upward momentum targeting last week’s high of ¥15.7 million.

Key Technical Signals

Trending Signals

• Bullish Bias: Price sustains above 14EMA (¥15.4M).
• Bullish Bias: CCI remains in positive territory.
• Bullish Bias: Fisher Transform holds in positive range.
• Bullish Bias: MACD stays above the zero line.

Oscillator Analysis

• CCI (63): Positive territory → Bullish.
• Fisher (1.2): Positive but below trigger line (1.7) → No buy signal yet.
• MACD (70,632): Above signal line (64,348) → Buy signal active.

FAQ Section

1. What does Bitcoin’s recovery above the 14EMA indicate?

A breakout above the 14EMA typically signals short-term bullish momentum, suggesting potential upward movement if supported by volume.

2. Why is the ADX decline significant?

A falling ADX (10) suggests weakening trend strength, meaning price action may consolidate before a new directional move.

3. What’s the next resistance level to watch?

👉 Key resistance lies at ¥15.7 million, last week’s high. A breakout could open the path to new yearly highs.

4. How reliable are MACD golden crosses?

While golden crosses (like last week’s) often signal trend reversals, confirmation from volume and other indicators improves reliability.

Additional Notes

• The Ichimoku Cloud’s leading span 1 (¥15.31M) sits above span 2 (¥15.26M), reinforcing bullish sentiment.
• The 53EMA (¥15.07M) continues rising, supporting the long-term uptrend.

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