Odaily Planet Daily News CoinGlass data shows that as of the time of publication, $58,018 is the level at which BTC attracts the most liquidity, and its price is eroding the buying support level below $57,000.

In addition, from July 4th to 5th, the total amount of BTC longs that got liquidated exceeded $220 million. After the weekend, some shorts positions were closed when BTC reached a local high of $58,500, as noted by trader Daan Crypto Trades.
Some analysts also see encouraging signals from the relative strength index (RSI) of BTC in the daily time frame, including bullish divergences. Analyst Wolf wrote in a post: 'My initial bearish target was $52,000, but it seems that the bulls may be one step ahead of me. The daily RSI indicator shows a clear bullish divergence, and the expanding wedge pattern further increases investors' interest.' (Cointelegraph)