Home Bitcoin News Bitcoin Bulls Push Price Upward but Face Resistance at $64K

Bitcoin Bulls Push Price Upward but Face Resistance at $64K

Bitcoin Bulls

The cryptocurrency market is abuzz as Bitcoin (BTC) bulls successfully pushed the price to an intraday peak of $63,794 on Monday, reflecting a 2% gain against the U.S. dollar in the past 24 hours. Currently, BTC is trading at $63,070 per unit, demonstrating significant movement in the market. However, the bullish momentum faced a formidable resistance at the $64,000 mark, creating a pivotal point for traders and investors.

Bitcoin’s Recent Surge and Market Activity

The recent surge in Bitcoin’s price has led to substantial market activity. By 2 p.m. EDT on Monday, BTC had surged to $63,794 before encountering strong resistance. This upward movement contributed to significant liquidations across the crypto market. In total, $124.64 million in crypto short and long positions were liquidated, with Bitcoin shorts comprising $49.85 million of this total.

The broader cryptocurrency market also saw increased trading volumes. Across the entire crypto market, $72.56 billion was traded, marking a 54.07% increase over the previous 24 hours. Bitcoin trades accounted for approximately 38.21% of this volume, or $27.73 billion, underscoring the significant role BTC plays in the overall market dynamics.

South Korean Premium and Market Sentiment

A noteworthy aspect of Bitcoin’s recent price action is the premium observed in South Korean exchanges. According to metrics from cryptoquant.com, BTC prices have shown a 1.8% to 1.5% premium in South Korea since June 28. As of July 1, Bitcoin was trading at $64,174 on Up bit, while the global average was $63,070. This premium on Up bit and Bithumb indicates strong local demand and bullish sentiment within the South Korean market.

The day’s oscillators and moving averages also point to a bullish trend, suggesting that the market sentiment remains positive despite the encountered resistance.

Derivatives Market and Liquidations

The derivatives market has also been active, with significant liquidations occurring as a result of Bitcoin’s price movements. Metrics from coinglass.com indicate that $124.64 million in liquidations occurred across the entire crypto market. Bitcoin accounted for the largest share of these liquidations, with $49.85 million worth of short positions being wiped out. Ethereum (ETH) shorts saw $27.17 million liquidated, while Solana (SOL) shorts experienced $6.75 million in liquidations.

The largest single liquidation order occurred on Binance, resulting in a BTC/USD liquidation order wiping out $4.39 million. Over the past 24 hours, a total of 37,533 traders across the crypto market were liquidated, highlighting the volatility and risk inherent in crypto trading.

Technical Analysis and Future Outlook

From a technical analysis perspective, Bitcoin’s price action has formed a critical support level around $63,000. After dropping to a low of $63,070, BTC quickly rebounded to $63,265 by 4 p.m. EDT, suggesting that a $63,000 floor may be forming. However, whether this support level holds or Bitcoin manages to climb higher remains uncertain and will depend on various market factors.

The bullish trend indicated by oscillators and moving averages suggests that there is potential for further upward movement, but the resistance at $64,000 presents a significant hurdle. Breaking through this resistance would likely require strong buying pressure and positive market sentiment.

Factors Influencing Bitcoin’s Price

Several factors are influencing Bitcoin’s current price dynamics:

  1. Market Sentiment: Positive sentiment, as indicated by the South Korean premium and bullish technical indicators, is driving buying activity.
  2. Institutional Interest: Continued interest from institutional investors can provide the necessary liquidity and buying pressure to push prices higher.
  3. Regulatory Developments: Any news related to cryptocurrency regulation, whether positive or negative, can have a significant impact on market sentiment and price movements.
  4. Macro-Economic Factors: Broader economic factors, including inflation rates, interest rates, and overall economic stability, can influence investor behavior and market trends.


Bitcoin’s recent price movements have created an interesting scenario for traders and investors. The push to an intraday high of $63,794 demonstrates strong bullish momentum, but the resistance at $64,000 remains a significant barrier. The substantial liquidations and increased trading volumes reflect the market’s volatility and the high stakes involved in cryptocurrency trading.

For investors, the current market conditions present both opportunities and risks. Monitoring key technical indicators, market sentiment, and broader economic factors will be crucial in making informed trading decisions. Whether Bitcoin can break through the $64,000 resistance and establish a new upward trend remains to be seen, but the potential for significant market movement is evident.

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Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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