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BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown

Bitcoin traders continue to look higher after a cooling-off period sees BTC price support stay firmly in place.

Bitcoin offered a short-timeframe rebound at the July 24 Wall Street open as a popular analyst eyed a “tug-o-war” on exchanges.

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price action targeting $67,000, up around 1% on the day.

A trip lower, which some had anticipated, nonetheless preserved key support at both $65,000 and short-term holder realized price at $65,110.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year

BTC price breakout talk returns as the popular hash ribbons indicator goes from “capitulation” to “buy” for the first time in 2024.

Bitcoin should see an “explosive rally” next as miners exit their latest capitulation period.

The latest data from the hash ribbons indicator shows that the Bitcoin (BTC) price is now in long-term “buy” territory for the first time since mid-May.

Bitcoin hash ribbons track two moving averages of hashrate, which is the estimated combined processing power miners dedicate to the network.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin trader warns of local BTC price top after $530M ETF inflows

BTC price “profit taking” has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter’s ETF launch day.

Bitcoin risks a spate of “profit taking” and price weakness, even as institutional buying surges.

In his latest analysis on X on July 23, popular trader Skew warned of a “headline curse” as the United States spot Bitcoin (BTC) exchange-traded funds (ETFs) took in over $500 million.

Bitcoin ETF popularity is enjoying a renaissance this week, but the good times are far from guaranteed to stay, Skew said.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Germany already lost out on $124M profit selling its Bitcoin

The State of Saxony, gripped by fears of a sudden Bitcoin price crash, hastily ordered the sale of its 50,000 BTC stash.

The German government recently missed out on an extra $124 million in Bitcoin (BTC) gains by cashing in its holdings a bit too soon.

On July 13, Germany’s Saxony state completed the sale of the 50,000 BTC stash it seized from movie piracy website, movie2k, generating around $2.87 billion. In doing so, they secured a profit of over $740 million when compared to their acquisition cost of $2.13 billion in January.

However, right after their sale, Bitcoin prices skyrocketed by up to 16.55%, driven higher by the assassination attempt on former United States president Donald Trump, which has since boosted his odds of a reelection in November.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin price ‘explosive move’ puts old $69K all-time high in sight

Bitcoin rescues its longer-term trend as week-to-date BTC price gains aim for double digits.

Bitcoin (BTC) circled $67,000 into the July 21 weekly close as an “extremely explosive move” set the stage for 10% gains.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action spiking to new July highs over the weekend.

The largest cryptocurrency held onto its recovery in out-of-hours trading, this equaling 10.4% week-to-date and 6.6% for July at the time of writing, confirmed by monitoring resource CoinGlass.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin RSI points to more BTC price upside as a $65K battle rages

BTC price gains cool as a struggle for the Bitcoin short-term holder realized price unfolds, but analysis demands continuation.

Bitcoin continued its fight to reclaim $65,000 on July 18 as the level became a key line in the sand for analysts.

Data from Cointelegraph Markets Pro and TradingView showed consolidatory Bitcoin (BTC) price action characterizing the Asia trading session and Wall Street open.

Having reached $66,000 the day prior, BTC/USD returned to test the mettle of its recent gains as the short-term holder (STH) realized price came into play.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin analysts say 74K is the next stop for BTC price

Bitcoin could be gearing up for a rally to the $74,000 mark, but to confirm the move, it needs to reclaim the old all-time high of $69,000.

Bitcoin analysts are pointing to the $74,000 mark as the next significant price level in the current bull cycle. Here’s why Bitcoin’s price could be headed above the $74,000 mark.

Bitcoin’s (BTC) price could be heading toward the $74,000 mark, or the current all-time high, based on a popular technical chart formation, according to popular analyst Trader Tardigrade.

The trader wrote in a July 18 X post:

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin ETFs have 4-8X more BTC price influence than miners — Research

Bitcoin miners' "market influence" pales in comparison to the ETFs and exchanges when it comes to BTC price pressure, says Glassnode.

Bitcoin (BTC) miners have increasingly little impact on BTC price action during sell-offs, new research confirms.

In the latest edition of its weekly newsletter, “The Week Onchain,” analytics firm Glassnode dispelled myths over Bitcoin miners driving markets lower.

Bitcoin miners may have seen tough times since the latest block subsidy halving cut the block reward by 50%, but they should be the least of bulls’ concerns.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Analysts forecast $200K+ Bitcoin price after BTC’s bullish momentum returns

Bitcoin’s decisive move above $65,000 and miners' return to deep profitability could lead to BTC hitting $220,000.

Bitcoin could be headed to $220,000 after reclaiming key support levels during the current market recovery. This price target is based on historical Bitcoin miner capitulation patterns as observed by multiple crypto traders. 

“The end of Miner Capitulation periods following Bitcoin Halvings” has historically preceded significant increases in BTC price “in the subsequent months and year,” pseudonymous crypto analyst Cryptonary wrote in a July 17 X post, when Bitcoin (BTC) was hovering just below $65,000.

The analysts shared a hash ribbons chart showing miner capitulation periods and their characteristics. The chart revealed that the end of miner capitulation in previous Bitcoin halving cycles has been followed by massive increases in BTC price: 5,110%, 3,346% and 591% increases post-miner capitulation during the 2012, 2016 and 2020 cycles, respectively.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets

Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode

Bitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that the German government sold.

Bitcoin (BTC) price is experiencing a “near-term sell-side relief” as it marched through$65,000, according to onchain data from Glassnode. 

Data from Cointelegraph Markets Pro and TradingView reveals that in the ongoing recovery, the price of Bitcoin has rallied more than 20% from a low of $56,616 on Friday, July 12, to an intraday high of $65,210 on July 16, which Glassnode attributes to “complete exhaustion of the German government sell-side pressure.”

According to the market intelligence firm, large entities, including miners and institutions, have historically been primary sources of sell-side pressure. The recent drawdown in Bitcoin price to $53,000 has largely been attributed to expected repayments by the defunct Japan-based crypto exchange Mt. Gox and BTC sales by the German government.

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‘It Could Get Ugly’: Analyst Says Bitcoin Could Lose Major Support Level and Plunge Lower – Here Are His Targets