Bitcoin's potential new all-time high in 2024 could significantly boost market confidence and drive broader cryptocurrency adoption.
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Bitcoin trades above $63,000 but the futures weekly funding rate shows pro traders are cautious.
Bitcoin (BTC) price surged 9.7% from July 13 to July 15, pushing it to around $63,500. This rally managed to reverse the losses from the previous nine days, yet the $65,000 resistance level remained unbroken for four consecutive weeks. Some traders attribute this recovery to speculation that China may lift its long-standing ban on Bitcoin. However, no official statement from the Chinese government has confirmed such rumors.
Despite the positive outlook, which includes a leading US presidential candidate expressing support for Bitcoin, BTC derivatives do not reflect the same enthusiasm. Market participants are now wondering if there is sufficient demand to break the $65,000 barrier and whether the weekend gains can be sustained.
Analysts have firmly denied the rumors, stating that China is unlikely to allow its citizens to freely trade Bitcoin using the local Renminbi currency. Mikko Ohtamaa, the co-founder of algorithmic investment protocol Trading Strategy, emphasized that a significant shift in China's stance on Bitcoin would conflict with the government's political agenda to curb "capital flight". Additionally, experts note that Chinese investors are currently prohibited from investing in spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong, despite its close ties with mainland China.
Surging Bitcoin inflows indicate growing investor confidence in digital assets, potentially driving further market expansion and diversification.
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Bitcoin price climbs back above $60,000, opening the door for KAS, MKR, AR and NOT to move higher.
Bitcoin (BTC) has been in a sideways price action for months. The bears pulled the price below the range, but their failure to sustain the breakdown on July 8 shows that selling dries up at lower levels. That attracted buying from the aggressive bulls who aim to keep the price inside the range for some more time.
Farside Investors data shows inflows of $310 million into United States-based spot Bitcoin exchange-traded funds on July 12, the highest inflows since June 5. The inflows suggest that the market participants are building positions as they believe a short-term bottom is in place.
Bitcoin’s recovery is expected to improve sentiment and lift the cryptocurrency markets higher. Select altcoins that are close to or have crossed their overhead resistance levels are likely to lead the rally.
Musk and Sun's endorsements could significantly influence the crypto community's support, potentially reshaping the 2024 election dynamics.
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The incident underscores the volatile interplay between political events and crypto markets, highlighting security concerns and voter polarization.
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VC funding in crypto startups shows a declining trend, potentially signaling cautious investor sentiment and shifting focus within the sector.
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Retail and institutional traders have been buying Bitcoin on the dips, and the early-stage recovery in select altcoins suggests that the crypto market is in a bottoming stage.
Bitcoin (BTC) bounced off the $56,500 support on July 12, indicating demand at lower levels. Institutional investors are viewing the dips in Bitcoin as a buying opportunity. According to the onchain analytics platform CryptoQuant, institutional investors have acquired 100,000 Bitcoin in new purchases in a week.
A positive sign for the bulls is that much of the German government’s Bitcoin selling is over. Traders will next keenly watch the selling by the creditors of the Mt. Gox exchange after they receive their repayments. Bitcoin may start a recovery if the selling is subdued, but if the creditors dump their holdings, the price may remain under pressure for some more time.
Bitcoin’s failure to start a strong relief rally has halted the recovery in several altcoins, but the bulls have not ceded much ground to the bears. This suggests that the buyers are holding on to their positions as they anticipate the up move to continue.
Bitcoin price is stuck in a downtrend even though investors are betting on Fed interest rate cuts. What gives?
The United States Consumer Price Index (CPI) rose by 3% year-over-year in June, slightly below the market consensus of 3.1%. Analysts claim that this CPI release was bullish for Bitcoin, but traders are questioning why its price remains below $58,000. Three factors could possibly explain investors’ lack of enthusiasm.
According to trader, YouTuber and analyst Daan Crypto, Bitcoin’s (BTC) weakness can be attributed to scalpers and market makers trying to liquidate leveraged longs. However, the trend favors “continuation higher,” meaning BTC should bounce back to $60,000 in the near term. Essentially, if the US central bank cuts interest rates, incentives for fixed-income investments are reduced, and some of this money will seek higher returns elsewhere.
Chris Larkin, managing director of trading and investing at E-Trade, told CNBC that the Federal Reserve is “one step closer to a September rate cut,” especially after real average hourly earnings for workers slowed 3.9% from the prior year, according to a Bureau of Labor Statistics report. Additionally, the labor force participation rate slightly increased to 62.6% in June from 62.5% in May. According to CNN, slowing wages is a strong incentive for the Fed to begin cutting interest rates.
Three key Ethereum price metrics suggest ETH is primed for a rally above $3,400.
Ether (ETH) price experienced an 18% drop to $2,826 between July 1 and July 8 but has since partially recovered. Investors are understandably disappointed, particularly since $313 million in leveraged long positions were liquidated during this period. Although the current price of $3,100 is still below the previous $3,400 support level, Ether traders are gradually regaining their confidence, as indicated by onchain and derivatives metrics.
Even if the launch of the spot Ethereum exchange-traded fund (ETF) in the United States takes longer than expected, strong fundamentals suggest a likely price rebound soon. Gary Gensler, Chair of the US Securities and Exchange Commission, recently stated that approvals for S-1 filings are expected "sometime in the summer," which means before the end of September. However, the exact timeline remains uncertain, leaving traders with reasons to maintain a level of skepticism.
The excitement for the eventual launch grows as similar spot Bitcoin (BTC) ETFs have seen $654 million in inflows over the past three days. Matt Hougan, Bitwise's Chief Investment Officer, suggested that spot Ethereum ETFs could attract up to $15 billion in inflows in the first 18 months of trading. Even if this estimate is off by 50%, analysts believe that the Ether price will benefit from the portion of the supply that is locked in staking and decentralized applications (DApps).
