Bitcoin (BTC) has struggled to maintain its upward momentum. Recently, it lost traction around the $66,560 level, hitting an intra-day low of $66,416. However, an upward trendline suggests a Bitcoin price prediction.
Despite reaching a high of $68,418 yesterday, BTC was unable to sustain its gains and fell below $67,000 by the end of the day. This recent downtrend can be attributed to several factors impacting the crypto market.
Mt. Gox and U.S. Government Bitcoin Transfers Impact BTC Price
Mt. Gox recently transferred 42,587 BTC (valued at $2.85 billion) to an unknown address as part of its ongoing repayment of $9 billion to creditors. This significant transfer contributed to Bitcoin’s fall below $67,000.
Simultaneously, the U.S. government moved 58.74 BTC, worth nearly $4 million, to Coinbase Prime, raising speculation about its purpose.
UPDATE: MT. GOX MOVING $2.85B BTC
Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses.
Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt.… pic.twitter.com/KsKuxMpvZS
— Arkham (@ArkhamIntel) July 23, 2024
These transfers are part of a larger trend in 2024, when the U.S. government transferred 6,261 BTC ($392 million), mostly after price increases. Despite these movements, the government still holds over 213,000 BTC, worth more than $14 billion.
Mt. Gox transferred 42,587 BTC ($2.85 billion), impacting BTC prices. The U.S. government moved 58.74 BTC, increasing market speculation. The U.S. government holds over 213,000 BTC, valued at $14 billion.Therefore, the large transfer by Mt. Gox and the U.S. government’s BTC movement contributed to Bitcoin’s decline below $67,000. These significant transactions increased market uncertainty and added downward pressure on BTC prices.
Hong Kong Launches First Bitcoin Futures Inverse ETF, Pressuring BTC Prices
Hong Kong has launched Asia’s first Bitcoin futures inverse ETF, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), which began trading on July 22, 2024, at an initial price of 7.8 HKD per unit. Managed by CSOP Asset Management, this ETF allows investors to profit when Bitcoin prices fall.
The ETF achieves this by taking short positions on future contracts for Bitcoin from the Chicago Mercantile Exchange (CME). Its value increases when Bitcoin’s price drops, providing a way to bet against Bitcoin’s performance. It is denominated in US dollars and traded on the Hong Kong Stock Exchange (HKEX).
The launch of Hong Kong’s Bitcoin futures inverse ETF could exert downward pressure on Bitcoin’s price by providing a new tool for investors to bet against Bitcoin, potentially increasing selling activity.
SEC Approval of Spot Ethereum ETFs Expected to Boost ETH Price and Market Interest
The final approval of spot Ethereum ETFs by the SEC marks a significant achievement for the cryptocurrency market. These ETFs, launching on July 23, 2024, will be listed on major exchanges like Nasdaq and NYSE, and major institutions like BlackRock and Fidelity will begin trading.
This approval comes shortly after President Biden’s election withdrawal, which analysts see as a favourable sign for crypto assets.
While initial market reactions are mixed and projected inflows are lower than those for Bitcoin ETFs, experts expect Ethereum’s price could rise by 24% over the next year due to ETF investments.
The #SEC has approved the launch of spot #ETFs based on Ethereum.
The corresponding web pages of the funds have already been launched.
Experts believe that the SEC’s approval will attract significant funds from investors who were previously hesitant to invest in… pic.twitter.com/0HAPZRDD4E
— SafeWallet (@safewallet_io) July 23, 2024
However, issuers cannot stake ETH, which limits their competitive edge compared to direct holdings.
The approval of spot Ethereum ETFs is expected to enhance Ethereum’s market visibility and potentially boost its price by 24%. This positive development might indirectly benefit the broader crypto market, including Bitcoin, by increasing overall market interest and investment.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $66,563, reflecting a decline of 0.57%. The price action remains within a tight range, hovering around the pivot point set at $66,662.
Immediate resistance levels are identified at $67,581, with further barriers at $68,507 and $69,253. These levels suggest potential upside targets if the bullish momentum strengthens.
On the downside, immediate support is observed at $66,385, followed by more substantial supports at $65,830 and $65,120. These levels could act as buffers against further declines, providing key zones for potential bullish reversals.
Bitcoin Price PredictionThe Relative Strength Index (RSI) is currently at 51, indicating a neutral stance. This suggests that the market is not yet in overbought or oversold territory, leaving room for either upward or downward movement.
Additionally, the 50-day Exponential Moving Average (EMA) stands at $66,662, aligning closely with the pivot point. This alignment highlights the importance of the $66,662 level as a critical support zone.
Given the current technical landscape, Bitcoin’s outlook hinges on the pivot point at $66,662. A sustained move above $67,581 would confirm bullish sentiment, potentially driving the price higher. Conversely, a break below $66,385 could indicate a bearish continuation, leading to further declines.
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Act Now: The presale price of WAI is currently $0.00073 and is expected to rise soon. Early investors could see significant gains if WAI secures market leadership.
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