- Bitcoin neared the essential $70,000 mark on the 29th of July, the place the worth beforehand noticed rejection.
- Strong technical indicators and renewed sentiment favored extra positive factors forward of July’s month-to-month shut.
Bitcoin [BTC] is off to a very good begin this week after a robust efficiency on the 29th of July, which pushed costs in direction of $70Okay.
The flagship crypto rose previous $69,000 sharply, posting a seven-week excessive of $69,851, per CoinMarketCap data. At press time, Bitcoin was buying and selling solely -5.76% under its March all-time excessive of $73,750.
Meanwhile, the Crypto Fear & Greed Index has continued hovering within the ‘Greed’ zone, reaching 74/100 at writing — 22 factors larger because the 15th of July.
Source: Alternative.me
Following the spirited combat, which gave bulls last-minute aid, Bitcoin managed optimistic, albeit meager, 0.22% returns within the concluded week.
So far this month, the main crypto has tracked 9.2% in month-to-month positive factors per Coinglass information.
Renewed optimistic sentiment
Market intelligence platform Santiment observed that Bitcoin’s worth rebound within the final three weeks has made speculators much more optimistic than at first of the month.
Source: Santiment
The newest upside momentum comes on the again of the Bitcoin 2024 Conference, which concluded in Nashville on the 27th of July.
Presidential candidates Donald Trump and Robert F. Kennedy Jr. spoke extremely of cryptocurrencies and each dedicated to set up a strategic Bitcoin reserve for the U.S.
Macro influences
The greater macro image favors danger property, together with cryptocurrencies, however merchants want to keep watch over macro occasions this week, which may spark flash volatility.
Federal policymakers are set to talk an interest-rate choice after the anticipated Federal Open Market Committee (FOMC) assembly on the 31st of July, with expectations leaning in direction of the rates of interest remaining unchanged.
The FOMC choice can be key in shaping the month-to-month shut for Bitcoin, which has traditionally delivered optimistic returns in July.
10X Research wrote in a analysis publish dated the 28th of July,
“While we expect an eventual breakout, Bitcoin will likely need ‘macro’ help in the form of projected Fed rate cuts or another dose of lower inflation […] The FOMC meeting on July 31 and the US CPI report on August 14 will be critical.”
This week additionally marks the tip of 100 days after the fourth Bitcoin halving occasion, which noticed block mining rewards lower to 3.125 BTC from 6.25 BTC on the 20th of April.
Halvings are thought-about bullish, and information from previous cycles exhibits that costs begin accelerating after round 100 days.
BTC/USDT technical evaluation
Bitcoin noticed promoting close to its intraday excessive of $69,850 as indicated by the lengthy candle wicks on the hourly chart.
Source: TradingView
Clearing the hurdle at $70,000 would herald sight the $72,000 stage, which pseudonymous futures dealer Satoshi Flipper stated is “programmed,” in an X (previously Twitter) publish on the 29th of July.
The analyst was referencing a bullish descending channel on the each day chart.
Source: X
A rising wedge on the each day chart additionally indicators a possible rally towards $74,000, the place the extrapolated sample’s development strains converge.
Source: TradingView
A breakdown under the wedge’s decrease trendline, however, would set off a correction towards the $66,000 vary.
Read Bitcoin’s [BTC] Price Prediction 2024-25
In the bigger timeframe, BTC/USDT seems to be charting a brand new development exterior a cup and deal with chart sample.
Source: X
A profitable “breaking out from the handle” would arrange Bitcoin on the trail to $100,000.