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This week, Bitcoin (BTC) is expected to be highly volatile. An analyst noted that a 10% drop or pump wouldn’t be surprising. Early Tuesday, BTC neared $66,000, erasing last week’s gains. Sentiment dropped as a significant amount of BTC moved from US government-linked wallets, sparking fears of impending selling pressure.

Market Reactions

BTC lost up to 5% before slightly recovering in the past 24 hours. This occurred as the US Marshals Service transferred $2 billion worth of BTC to two new wallets. Tracking service Arkham suggested that one of these wallets is likely a custodial service.

Altcoins Follow Suit

Solana’s SOL led the losses among major cryptocurrencies with a 6% drop, reversing Monday’s gains. Memecoin trading on the Solana network surged over the weekend, increasing on-chain volumes over Ethereum. Other major cryptocurrencies also experienced declines. Cardano’s ADA dropped 5%, Dogecoin (DOGE) and BNB Chain’s BNB fell 4%, and XRP lost 3%. Ether showed relative strength with just a 1% decline despite $97 million in net outflows from newly launched spot ETH ETFs on Monday.

🚨BREAKING: @solana surpasses the combined 24-hour DEX volume of the Ethereum, Base, and Binance chains.

Solana's DEX volume dominance reached a new All-Time high at 42%. pic.twitter.com/RVyqKlZ8z9

— SolanaFloor (@SolanaFloor) July 29, 2024

Analysts Warn of Further Losses

Market observers indicated that macroeconomic decisions and a lack of new catalysts could serve as headwinds, pushing down prices further in the near term. Alice Liu, research lead at CoinMarketCap, mentioned that the market received a boost last week in anticipation of Donald Trump’s speech at the Nashville Conference, where he was expected to discuss BTC as a strategic reserve asset.

Trump’s Pro-Bitcoin Promises

On Saturday, during the Bitcoin 2024 conference in Nashville, Republican candidate Donald Trump promised to fire SEC head Gary Gensler and create a strategic Bitcoin reserve if elected. He also stated he would be a “pro-Bitcoin” president and would not permit any of the 213,239 BTC seized by authorities and held in US government wallets to be sold. Trump declared that the US would become the world’s cryptocurrency capital.

Future Volatility Ahead

Liu warned that interest rate decisions from the Bank of Japan, Federal Reserve, and the Bank of England on Wednesday and Thursday could further increase volatility in the crypto market. The peak of optimism on the 27th led to a “sell the news” phase, and there is currently no new source of optimism in the market.

Bitcoin’s price has quickly rebounded after four days of selling. After briefly touching $63,500, BTC is now hovering around $67,000. This weekend or the coming week could see BTC bulls attempt to reach the all-time high of $73,800. Are you ready for this ride?

A History of Attempts

Since Bitcoin’s last high in mid-March, it has experienced 135 days of sideways and downward movement. There have been four attempts to surpass this high, all of which failed. This latest attempt, which started from a low of $53,500 and peaked at $68,500 before pulling back to $63,500, is now reversing to the upside again.

Why This Time Might Be Different

What makes this attempt different? One major factor is the strong upside momentum indicated by the weekly stochastic RSI. This powerful indicator has bottomed out and both its lines have crossed the critical 20 level, signaling significant momentum.

Strong Momentum Indicators

Previously, a cross-up on the stochastic RSI led to a fake-out, causing the rally to fail. This time, the signal is strong, suggesting a lot of momentum is ahead. Even the 2-week stochastic RSI has bottomed out.

The Next Stage of Bitcoin’s Bull Run

The weekly RSI is showing a potential break of the downward trend, which could establish a new upward trend. If BTC closes above the top bull flag trend line this Sunday, we might see a price explosion, pushing Bitcoin past its all-time high and into uncharted territory.

The next stage of Bitcoin’s bull run could target $100,000, and possibly even $150,000. Are you on board for this journey?

Bitcoin (BTC) nosedived over 3% early Thursday as Asian markets suffered a broader stock market downturn and weakening sentiment for risk assets like cryptocurrencies. BTC fell from over $65,500 to nearly $64,000 within minutes during Tokyo trading.

Massive Liquidations

This sudden plunge resulted in over $250 million in bullish bets being liquidated, marking the worst hit since early July. Liquidations happen when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. This data indicates leverage being flushed out from popular futures products, signaling a potential short-term decline in price volatility.

Ether Also Hit Hard

Ether (ETH) longs lost the most, with $100 million liquidated following a 7.5% slump in the token amid outflows from the newly launched ETH ETF.

Major Exchanges Affected

Binance recorded the highest liquidations among exchanges at $118 million, with 88% being long trades. OKX and Huobi, popular among Asia-based traders, saw as much as 94% of long trades on their platforms liquidated.

Impact of U.S. Tech Stocks

The dive in cryptocurrency prices coincided with a significant drop in U.S. technology stocks on Wednesday. The tech-heavy Nasdaq 100 index lost 660 points, its biggest drop since 2022. Mixed quarterly earnings from Alphabet (GOOG) and Tesla (TSLA) led to their shares falling as much as 12%. The “Magnificent 7” tech stocks collectively lost over $750 billion in market cap, the most on record for the group.

Asian Market Response

Losses spread to Asian markets early Thursday, with Japan’s Nikkei 225 slumping more than 3% amid concerns that the Bank of Japan could hike interest rates.

Bitcoin (BTC) hovered around $66,000 as Mt. Gox, the defunct cryptocurrency exchange, initiated substantial movements of over $2.5 billion worth of BTC to various wallets, including a significant transfer to crypto exchange Bitstamp. Such actions have historically triggered sell-offs across the broader crypto market.

Details of the Transfer

According to Arkham data, Mt. Gox transferred $2.85 billion worth of BTC to new wallets during the early Asian morning hours on Tuesday. Notably, this included 5,000 BTC valued at approximately $340 million and another 37,000 BTC worth around $2.5 billion. A subsequent transfer of $130 million from the 5,000 BTC wallet was specifically directed to Bitstamp. Such movements towards exchanges typically indicate an intent to liquidate holdings.

THIS MORNING: MT GOX MOVING FUNDS

Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments.

Mt. Gox currently holds: $6.08B in BTC

These transfers are likely to… pic.twitter.com/uyOLL7O065

— Arkham (@ArkhamIntel) July 22, 2024

Background and Recent Developments

This recent activity follows smaller test transactions from Mt. Gox to Bitstamp observed just a day earlier. In early July, Mt. Gox began the process of compensating creditors affected by a 2014 hack, planning distributions of over $9 billion in BTC and $73 million in bitcoin cash (BCH) to traders in the coming months.

Market Reaction and Investor Sentiment

The timing of Mt. Gox’s asset movements coincided with Bitcoin’s price dipping below $67,000 on Tuesday. This development affected market sentiment, particularly as U.S. investors anticipated the commencement of spot ether (ETH) exchange-traded funds trading later in the day.

Conclusion

The transfer of substantial Bitcoin holdings by Mt. Gox to Bitstamp has sparked significant interest and concern within the cryptocurrency community. Observers are closely monitoring the market impact and the potential implications for investor confidence amid ongoing developments in the crypto space.

Bitcoin’s price surged above $68,000 on Sunday, marking a significant resurgence from its lows in early July. As the cryptocurrency hovers near the top of its long-term bull flag, investors are speculating whether $BTC is poised for a substantial upward movement.

Market Sentiment Shifts

Bitcoin’s sentiment has notably improved, evident from the Fear and Greed Index scoring 70, firmly placing it in the Greed zone. Elon Musk’s symbolic gesture of updating his X profile picture with laser eyes reflects this positive sentiment shift for $BTC.

Impact of Spot Bitcoin ETFs

The introduction of Spot Bitcoin ETFs continues to influence Bitcoin’s price dynamics. Last Friday alone, these funds saw a substantial inflow of $383.6 million, equivalent to 6,000 BTC. This influx significantly outweighs the daily Bitcoin supply, underscoring the ETFs’ impact on market liquidity.

🇺🇸 USA ETFs have purchased 40,860 #Bitcoin ($2.6B) in July.

Adviser flows have barely begun.

This is still the first innings ✌️ pic.twitter.com/1AJtYCsIkF

— Thomas | heyapollo.com (@thomas_fahrer) July 21, 2024

Potential Pullback Anticipated

Analyzing the 12-hour chart reveals Bitcoin’s price movement within an upward-sloping channel. Typically, such patterns suggest a potential minor pullback before further upside. Whether this retracement tests support at $64,000 remains uncertain.

Weekly Outlook and Bullish Signals

On the weekly timeframe, Bitcoin has approached the upper boundary of its bull flag/channel and faced rejection. However, a close above this resistance by the end of the week could signal a bullish breakout towards the all-time high near $73,800.

Stochastic RSI Indicator

A bullish signal emerges from the stochastic RSI indicator, where both lines have crossed above the 20 level. This indicates strong momentum building beneath Bitcoin’s price, potentially paving the way for significant upward movement.

Upcoming Catalysts

Rumors surrounding Donald Trump’s possible announcement of a US Bitcoin strategic reserve at Bitcoin 2024 in Nashville add to the excitement in the cryptocurrency market. Such developments could serve as substantial bullish catalysts in the near term.

Conclusion

Bitcoin’s current price dynamics suggest a cautious optimism among investors, with technical indicators and market sentiment pointing towards a potential breakout. As anticipation builds around future catalysts, including major announcements and technical signals, $BTC remains at a critical juncture poised for further price exploration.

Bitcoin has surged past the $67,000 mark recently, garnering significant investor attention as the community looks towards the upcoming Bitcoin Conference 2024 in Nashville, scheduled for July 25-27. Speculation is rife that this event could propel BTC to a new all-time high (ATH), sparking optimism across the crypto market.

Catalysts Driving BTC Towards New Heights

Recent developments in Bitcoin news point to several catalysts fueling optimism in the market. Dennis Porter, CEO of Satoshi Act Fund, hinted at insider information suggesting that former President Donald Trump might announce Bitcoin as a strategic reserve asset for the U.S., potentially elevating its value.

The 5 top reasons to be Bullish over next 12 months (and none of them involve the Power Law).

brought to you by https://t.co/aETQJgAD9C
Use the code KRUEGER for $10 off orders of $100 or more. pic.twitter.com/OyXChUSKnx

— Fred Krueger (@dotkrueger) July 20, 2024

Market expert Fred Krueger highlighted multiple upcoming events in a recent analysis on X, advising investors to hold onto their BTC. These events include Trump’s anticipated appearance at the Bitcoin Conference, the conclusion of Mt. Gox repayments, potential Federal Reserve interest rate cuts, and the upcoming U.S. election.

Krueger emphasized the significance of these events in shaping BTC’s trajectory, especially with expectations of a 25 basis points interest rate cut by the Federal Reserve in September, supported by a 94% probability according to the CME FedWatch Tool.

Political and Institutional Factors at Play

Trump’s supportive stance on cryptocurrencies has buoyed market sentiment, with PolyMarket indicating a 64% probability of his reelection, compared to Joe Biden’s 7%. This potential political shift is seen as favorable for the crypto market.

See Donald Trump at #Bitcoin 2024!

✨ Saturday, July 27th, at 2 PM on the Nakamoto Stage✨ pic.twitter.com/DLaaVyH1Wk

— The Bitcoin Conference (@TheBitcoinConf) July 16, 2024

Institutional interest in BTC continues to grow, exemplified by a substantial $17 billion inflow year-to-date into U.S. Spot Bitcoin ETFs, as noted by Bloomberg’s senior ETF analyst Eric Balchunas. This influx underscores Bitcoin’s increasing appeal as a mainstream investment.

Technical Outlook and Price Trends

Bitcoin’s Coinbase Premium Gap data suggests it may have reached its floor, priming it for a potential breakout rally. Coupled with other positive indicators, this supports the notion of BTC achieving a new ATH.

As of the latest update, BTC was trading around $66,800, showing a weekly gain of 14% following a recent high of $67,442.64. Analysts from CoinGape Media suggest that overcoming the $70,250 resistance level could trigger a substantial rally towards $80,000 and beyond.