Bitcoin Price Faces Crucial Test as Sellers Remain Active
Bitcoin's price has been holding above $62,000 but remains below wedge resistance. According to Daan Crypto Trades, the asset is approaching the upper trend line of a falling wedge and requires a confirmed breakout to trigger a larger advance.
The setup is critical because leverage had already contracted during June's decline. Bitstamp data shows that buyers protected the $62,216 level during the session, but rising exchange balances and positive funding kept renewed selling risk active.
Despite this, Novaque Research notes that open interest fell to $22.4 billion, below its 100-day average, indicating deleveraging rather than complete capitulation. However, the firm also reports that short-term holder SOPR readings repeatedly dropped below one, indicating recent buyers sold coins at losses.
The next verifiable catalysts for Bitcoin's price are a close above $65,200 or below $62,000. A stronger setup requires Bitcoin to reclaim wedge resistance with a daily close and exchange netflows to turn negative.