Bitcoin Tests $63K as Saylor Calls BTC 'Digital Energy'

Bitcoin's price has been hovering around $62,675, with some traders testing whether it can hold above the weekly 200MA. Michael Saylor recently called Bitcoin 'digital energy', adding a macro angle to the market discussion.

The asset saw a short-term rebound from its late-June low near $58,000 to $59,000, and some analysts believe it could be due for another pullback. However, others point out that the RSI shows a bullish divergence, suggesting that bearish pressure is fading.

Daan Crypto Trades noted that shorts were cleared twice as price moved towards $63,000 on July 4, calling it a 'classic short squeeze'. However, he also raised doubt over the next move, asking whether the weekly 200MA would hold as support or if this was just a liquidity move.

For now, the market remains cautious, with traders waiting for a clean move above $65,000 to improve the broader chart. Until then, Bitcoin must hold the weekly 200MA near $62,600 and defend the $60,000 area before traders can treat the rebound as more than a liquidity move.