According to CoinGlass data, as of press time, $58,018 is the level at which bitcoin 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 Bitcoin long position squaring exceeded $220 million. After the weekend of short position squaring, trader Daan Crypto Trades noticed that some short positions were squaring when Bitcoin reached a local high of $58,500. Others saw encouraging signals from the Bitcoin Relative Strength Index (RSI) on the daily timeframe, including bullish divergences. "My initial bearish target was $52,000, but it looks like the bulls may be one step ahead of me," wrote analyst Wolf on X. "The daily RSI has seen a clear bullish divergence, and the widening wedge has further increased investor interest."