Bitcoin (BTC), the leading cryptocurrency, has halted its recent bearish trend, regaining bullish traction and trading above the $67,000 level. This positive momentum has driven Bitcoin to an intraday high of $67,340.
The strong price movement reflects growing market interest and bullish sentiment, further supported by a 5% increase in the last 24 hours.
Marathon Digital’s $100 Million Bitcoin Acquisition Boosts BTC Price Amid Legal Challenges
Marathon Digital Holdings (MARA) recently bought $100 million worth of Bitcoin and decided to keep it all without selling.
This shows that they are confident about Bitcoin’s future, even though they are facing a $139 million legal fine related to a former executive’s confidential growth plan.
CEO Fred Thiel believes Bitcoin is a great long-term investment.
Bull signal
Marathon Digital $MARA one of the largest Bitcoin miners, has purchased $100 million worth of Bitcoin and plans to hold all mined Bitcoin on its balance sheet.
They now hold over 20,000 BTC, worth nearly $1.3 billion, and plan to buy more. This move reflects their… pic.twitter.com/utC9RWN1tj
— Sam O’Leary (@samjoleary) July 25, 2024
The company’s announcement comes just before a major Bitcoin conference, emphasizing their strong commitment to Bitcoin’s potential and their belief in its value over time.
Hence, Marathon Digital’s $100 million Bitcoin purchase and HODL strategy bolster BTC price by signaling strong institutional confidence and increased demand, while the legal fine highlights potential risks in corporate dealings.
Analyst Predicts Bitcoin Could Soar to $263,000 with Key Technical Breakout.
On the other side, a crypto analyst named Trader Tardigrade has predicted that Bitcoin could surge to $263,000 if it meets specific conditions.
He points out that Bitcoin’s price chart is forming a “Cup with Handle” pattern, which historically signals a buying opportunity. For this prediction to hold, Bitcoin needs to break above $68,000.
Bitcoin to $263,000?
Analyst ‘Trader Tardigrade’ predicts BTC could soar to $263K by end of 2024! Key to this bull run: breaking above $68K. Currently at $67K, with $66K as crucial support. #Bitcoin #Crypto #BTC pic.twitter.com/rkaIgpGarl
— MarsNext (@0xMarsNext) July 26, 2024
Currently, Bitcoin has hit the upper resistance of a descending channel pattern, and the analyst suggests it might face a brief consolidation before a potential breakout.
Trader Tardigrade believes Bitcoin will continue to rise through late 2025, reflecting a strong bull run.
Therefore, if Bitcoin breaks above $68,000 as predicted, it could rally towards $263,000, bolstered by the Cup with Handle pattern and ongoing bullish sentiment extending through late 2025.
Trump Campaign’s $4 Million Crypto Fundraising Boosts Bitcoin Sentiment
Donald Trump’s reelection campaign raised $4 million in digital assets during the second quarter of 2024, showing a shift from his previous negative view of Bitcoin.
Major donations included $2 million in Bitcoin from Cameron and Tyler Winklevoss, and $1 million in Ether from Kraken’s Jesse Powell.
JUST IN: Donald Trump raises over $4 million in Bitcoin and other cryptocurrency campaign donations.
The Trump campaign has received significant support from the crypto community, highlighting the growing influence of digital assets in the political landscape.
— TheStormCrow (@Web3_StormCrow) July 25, 2024
The campaign also received $50,000 in USD Coin from Ryan Selkis and $300,000 in XRP from Stuart Alderoy.
Despite needing to refund donations of over $844,600 due to Federal Election Commission rules, the campaign has raised over $142 million this year.
Therefore, the $3 million in digital assets raised by Trump’s campaign, including significant Bitcoin contributions, is positive for BTC price, as it reflects growing institutional acceptance and market confidence.
Bitcoin Price Prediction
Bitcoin (BTC/USD) price today is $67,340, with a 24-hour trading volume of $33.89 billion. Bitcoin has surged by nearly 5% in the last 24 hours, reflecting strong market interest.
Currently ranked #1, Bitcoin boasts a live market cap of $1.33 trillion. It has a circulating supply of 19.73 million BTC coins and a maximum supply of 21 million BTC coins.
On the 4-hour chart, Bitcoin’s key price levels indicate significant market movements. The pivot point is set at $66,885, a critical level for determining future trends.
Immediate resistance levels are observed at $67,705, $68,480, and $69,150. These resistance points will be crucial for any bullish momentum.
Conversely, immediate support levels are noted at $66,000, followed by $65,580 and $64,680, which are pivotal for any potential downside movements.
Technical indicators show that the RSI stands at 61.04, suggesting a moderately bullish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $65,585, further reinforcing the bullish outlook.
A notable bullish engulfing candle on the 4-hour timeframe indicates a strong potential for continued upward movement, especially if Bitcoin remains above the $66,885 pivot point.
In conclusion, Bitcoin’s technical outlook remains bullish above the $66,885 level. Traders should closely monitor this pivot point, as a break below could shift the market sentiment to bearish.
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