The post Optimism: Examining if OP can surpass $0.72 and race to… appeared on BitcoinEthereumNews.com.

Optimism saw short-term bullishness, but it was unclear if the rally could continue past $0.74. The movement of Bitcoin over the rest of the week could guide OP’s price action. Optimism [OP] showed heightened speculative activity. On the 6th of June, OP tested the $0.59 support level. Since then, it has rallied 20%. Despite the bullish structure break on the daily, a rally to the range high was not guaranteed. The liquidity at $0.74 could play a pivotal role in the coming hours. Swing traders will have a buying opportunity in case the mid-range resistance is flipped to support. Till then, risk-averse traders can wait for clarity. Going short might not be feasible due to the bullish structure. Optimism bulls lay siege to the $0.72 resistance Source: OP/USDT on TradingView The 1-day chart showed a range formation (white) between $0.59 and $0.84. Optimism saw a bullish structure break (cyan) on the daily chart, encouraging a bullish bias among traders. A move beyond the mid-range resistance would offer a swing buying opportunity targeting the range high at $0.84. However, at press time, the bullish momentum was underwhelming. The MFI showed a reading of only 44, but no divergences yet. The OBV also struggled to trend higher. Since mid-May, it has moved sideways, reflecting an equilibrium in buying and selling pressure. This helped explain the range formation. It also hinted that traders and investors should not expect a breakout beyond $0.84 Source: CoinGlass The 1-month liquidation heatmap showed that the buildup of liquidity around $0.72, the mid-range level, had been swept. Over the past couple of days, a bunch of short liquidations have accrued just above the $0.72 mark. This meant that a move to $0.74 was possible in the short term, before a bearish reversal. However, if Bitcoin [BTC] rallied past…

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Filed under: News - @ June 12, 2025 5:29 am