As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed the volatile nature of Bitcoin and its price movements over the years. The recent surge in Bitcoin price, which brought the total crypto market cap to about $2.42 trillion on Monday, was an intriguing development that caught my attention.
As a researcher studying the cryptocurrency market, I’ve observed an upturn in the industry over the weekend. Bitcoin, being the flagship crypto, spearheaded this recovery, driving up the total crypto market capitalization by approximately 5 percent. Consequently, the market cap floated around $2.42 trillion during the early European session on Monday. The price of Bitcoin briefly peaked at an impressive daily high of roughly $63,000 but subsequently retreated to $62,855 as of this report.
As an analyst, I’ve observed that Ethereum (ETH) price spearheaded the altcoin market with a predominantly optimistic trend, which significantly alleviated concerns over potential further sell-offs. In contrast, Bitcoin’s fear and greed index shifted from an extreme fear level of 25% last week to approximately 52% neutral on Monday.
Top Reasons Bitcoin Price Surged
Last week, the price of Bitcoin finished on an optimistic note, breaking free from the previous bearish trend. According to Coinspeaker’s recent report, the surge in demand for US-listed Bitcoin spot ETFs has given a fresh boost to the bullish perspective. Additionally, the completed sale of Bitcoin by the German government over the weekend further bolstered this positive sentiment.
As a crypto investor, I’ve been closely monitoring on-chain data, and it’s clear that Bitcoin whales have taken advantage of the recent market dip by accumulating over 71,000 BTCs in the past week. For those of us with a long-term investment strategy, this presents an excellent opportunity to increase our holdings at potentially lower prices. Of course, short-term investors may be feeling the pain of capitulation during this downturn, but for those of us who believe in Bitcoin’s potential, it’s essential to remember that the market is volatile and dips are a normal part of the investment cycle.
As a seasoned cryptocurrency analyst with years of experience tracking market trends, I’ve observed that Bitcoin whales often make strategic moves during market fluctuations. This week, these large-scale investors added approximately 71,000 Bitcoins to their wallets, taking advantage of the recent price decrease. Their actions suggest a strong belief in the long-term potential of Bitcoin and a willingness to buy at lower prices. This behavior is not uncommon among experienced whales who understand the volatile nature of the market and seek to maximize their returns.
— IntoTheBlock (@intotheblock) July 13, 2024
Following the unsuccessful attempt on former US President Donald Trump’s life over the weekend, there has been a noticeable increase in his chances of getting re-elected later this year. Surprisingly, the ex-president, who is known to be supportive of cryptocurrencies, is still scheduled to attend and deliver a speech at the Bitcoin 2024 conference in Nashville. A notable group of crypto industry figures, including Justin Sun, have already expressed their backing for Trump’s presidential campaign.
Over two months have passed since the fourth Bitcoin halving took place, and the optimistic perspective on its price increase remains strong. Additionally, there’s an observable uptrend in the connection between cryptocurrencies and conventional stock markets recently.
As a researcher studying the intersection of economics and cryptocurrencies, I’ve noticed some intriguing developments recently. The latest US economic data indicates a potential for interest rate reductions in the coming months. If this materializes, the crypto industry could experience substantial growth as a result.
Midterm BTC Price Targets
As a researcher studying the Bitcoin market, I’ve noticed an intriguing development: The daily price chart shows that Bitcoin has broken out of a descending broadening wedge pattern. This technical formation is typically followed by a significant price move in the direction of the prior trend. Given that the previous uptrend had reached $70,000, this could indicate a potential rally towards that level once again. After reclaiming the support around $61,000 on Monday, buyers have regained control and further upward momentum may be recorded in the coming days.
Bitcoins price has closed above its 200-day moving average for the past two days. Furthermore, the relative strength index (RSI) for Bitcoin’s weekly chart has bounced back from the 50% mark, signaling an end to the recent downtrend.
If Bitcoin encounters a rejection around the $63,000 mark, it might slide down to approximately $52,000. This potential drop could last for several months before recovering during an excited or bullish phase.
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2024-07-15 13:03