Will Bitcoin Hit $60K Next Week?
Improving Market Sentiments: The release of the US CPI data for June has boosted broader market sentiments, but recovery is slower due to growing supply pressure.
German Government's Sell-Off: The German government is depleting its Bitcoin reserves, delaying the 60K breakout.
Current BTC Price: Bitcoin trades at $56,918 with a declining trend and remains below the 200-day EMA.
Triangle Pattern Formation: Bitcoin is approaching the bottleneck stage of a triangle pattern formed by a short-term trendline and a support trendline.
Death Cross Looming: The downtick in the 50-day EMA is nearing a death cross with the 200-day EMA, signaling potential bearish trends.
Bitcoin ETF Inflows: On July 11, 2024, Bitcoin ETFs experienced a net inflow of $79 million. BlackRock's IBIT ETF led with $72.1 million, while Fidelity's FBTC ETF saw $32.7 million inflow. Grayscale's GBTC ETF had an outflow of $37.7 million.
Potential Market Impact: The sell-off is linked to the authorities' seizure of $2.1 billion (50,000 BTC) from Movie2k operators.
Future Price Movement: With a potential rate cut in September and the easing of German supply pressure, a crypto bull run is anticipated. Bitcoin could reach the 71K level if the secondary trendline breakout occurs.
German Government's Sell-Off: The German government is depleting its Bitcoin reserves, delaying the 60K breakout.
Current BTC Price: Bitcoin trades at $56,918 with a declining trend and remains below the 200-day EMA.
Triangle Pattern Formation: Bitcoin is approaching the bottleneck stage of a triangle pattern formed by a short-term trendline and a support trendline.
Death Cross Looming: The downtick in the 50-day EMA is nearing a death cross with the 200-day EMA, signaling potential bearish trends.
Bitcoin ETF Inflows: On July 11, 2024, Bitcoin ETFs experienced a net inflow of $79 million. BlackRock's IBIT ETF led with $72.1 million, while Fidelity's FBTC ETF saw $32.7 million inflow. Grayscale's GBTC ETF had an outflow of $37.7 million.
Potential Market Impact: The sell-off is linked to the authorities' seizure of $2.1 billion (50,000 BTC) from Movie2k operators.
Future Price Movement: With a potential rate cut in September and the easing of German supply pressure, a crypto bull run is anticipated. Bitcoin could reach the 71K level if the secondary trendline breakout occurs.
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