Bitcoin briefly spiked to nearly $62,000 following the release of the data, but the rally was short-lived, with the price falling by more than 3% within an hour. According to TradingView’s technical analysis, 17 of the 26 technical indicators are signaling “buy”, 9 are staying neutral while none of the technical indicators signal “sell”. The first major support is $55,300 or the 61.8% Fib retracement level of the upward move from the $53,643 swing low to the $58,000 high. Any more losses might send the price toward the $53,500 support in the near term. Bitcoin is now trading above $56,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC/USD pair.
Influence of Institutional Investors and Bitcoin Whales
Bitcoin’s price has seen a significant increase of over 3% in the last 24 hours, hitting a daily high of approximately $58,424. bitcoin price hits $58k Powered predictive analytics and professional investment strategies for self-directed investors. Bitcoin increased about 28% in the last 7 days reaching an all time high of $58,335 in Sunday trade. “In today’s asset allocation landscape, bitcoin is no longer just a speculative instrument — it straddles the line between a digital hedge like gold and a growth asset like tech equities,” Wu wrote.
Market Sentiment and Reaction to Economic Data
On-chain data provides further insights into Bitcoin’s current market dynamics. Long-term holders, who had been distributing their coins during the earlier part of the year, are now showing signs of renewed accumulation. This shift in behavior indicates growing confidence in Bitcoin’s future prospects, as these holders are less likely to sell in the short term, reducing overall selling pressure in the market. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns.
Market Response to Bitcoin’s Price Surge
- The trend in the above chart shows that the price was driven by more forces, it further shows that the demand from spot traders led to this spike.
- In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation.
- At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility.
- “Initial reaction was DXY & Yields up before lower, this tells me the market is transitioning into expecting a harsh reality when demand continues to buckle,” he concluded.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. If Bitcoin fails to rise above the $57,500 resistance zone, it could start another decline. Immediate support on the downside is near the $56,800 level and the trend line. The recent swing high was formed at $58,000 and the price is now consolidating gains.
- After plunging to a low of $50,000, Bitcoin managed to stage a recovery, briefly retesting the 200-day moving average.
- The price dipped below the 23.6% Fib retracement level of the upward move from the $53,643 swing low to the $58,000 high.
- Treasury might inject significant liquidity into the financial system before the end of 2024.
- The surge in tech stocks fueling investor risk appetite is also boosting bitcoin, she added.
Others also demanded a stronger statement from BTCUSD to entertain the idea of a longer-term recovery. “Initial reaction was DXY & Yields up before lower, this tells me the market is transitioning into expecting a harsh reality when demand continues to buckle,” he concluded. Bitcoin tagged $58,000 around the July 12 Wall Street open as markets reacted to “sticky” United States inflation data.
Market Experts Predict Final Crypto Cycle Top as Funds Shift to Altcoins
The intersection of politics and cryptocurrency has become increasingly apparent, particularly in the lead-up to the 2024 U.S. presidential election. Bitcoin and crypto have emerged as partisan issues, with significant implications depending on the outcome. The potential for a crypto crackdown under a Kamala Harris administration, as speculated by market observers, could weigh heavily on Bitcoin’s future. All in all, we believe that the current upwards trend in the Bitcoin market will continue in the future.
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In May, Trump signed an executive order for a strategic bitcoin reserve and digital asset stockpile. However, bullish investors have a few more days – possibly more – to wait on the decision. This is because the agency will not begin reviewing any requests until between October 18th and November 1st. Another incident that probably spurred investor sentiment was the mining crackdown in China.
However, in the last 24 hours, altcoins, including Ethereum, Binance Coin, and XRP, all gained between 4-6%. Looking ahead, macroeconomic analysts like Arthur Hayes, co-founder of BitMEX, have speculated that the U.S. Treasury might inject significant liquidity into the financial system before the end of 2024. This move, potentially driven by political motivations to support the economy ahead of the election, could be a major catalyst for Bitcoin. The cryptocurrency’s blistering gains this year come on the back of support from President Donald Trump’s administration.
Bitcoin Price Faces Resistance
BTC is now struggling to clear the $58,000 resistance and is consolidating gains. “There’s the rebound Bitcoin needed and price is now challenging that Lower High resistance again,” he told X followers about the PPI reaction alongside an explanatory chart. “Although orderbooks are skew to bid, need to see this translate into market flows being bid,” he commented alongside a chart showing liquidity areas.