Bitcoin rose above $62K at one point on Thursday but retreated to $61.6K amid low trading activity due to the US weekend. On daily timeframes, the RSI has moved out of oversold territory and formed a bullish divergence with the price, indicating that selling momentum is waning and laying the groundwork for a rebound. However, it would only be reasonable to speak of a fundamental reversal of the downtrend if the price consolidates above the $67–68K range, where the local highs from June, the 50-day moving average and the 61.8% retracement level of the May–June decline are concentrated.

Crypto News

CryptoQuant points to a growing proportion of…