Bitcoin

Read

As Bitcoin flirted with the $70,000 mark on Monday morning, analysts at Bitfinex issued a cautionary note, suggesting the rally might be short-lived due to an impending significant options expiry.
<a href="https://crypto.news/tag/bitfinex/" target="_blank" rel="noopener noreferrer nofollow">Bitfinex</a> analysts predicted in a note that they expect “potential further downward pressure” on the price of Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) as the monthly expiry of around $2.2 billion is set to occur on Aug. 2.
They suggest this event could cause Bitcoin to stall or even pull back slightly from the $68,000-$69,000 resistance zone. Despite the risk of a pullback, the analysts highlight that leveraged long positions are currently more influential than spot market activities.
“[…] thus while the market is in a firm higher timeframe uptrend, a short-term price decline or range is likely, and if the options market positioning is any indication, directional trades, especially leveraged should be avoided,” Bitfinex noted.
On Monday morning, Bitcoin briefly <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" target="_blank" rel="noopener noreferrer nofollow">traded</a> at $70,000, a level not seen since June 7, before losing all momentum and trading below $67,000 by the afternoon trading session.
<h2 class="wp-block-heading" id="broader-macroeconomic-environment">Broader macroeconomic environment</h2>
Regarding the broader macroeconomic environment, Bitfinex analysts described the economic outlook as “cautiously optimistic.” They highlighted that the housing market remains a “drag on growth” due to higher-than-expected median house prices affecting existing home sales.
As previously <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" rel="noopener noreferrer nofollow">reported</a> by crypto.news, July has historically been a positive month for Bitcoin. This year, the cryptocurrency gained over 15% in the last 30 days and recorded more than $19 billion in year-to-date inflows, marking a new record. Data from CoinShares shows Bitcoin products received nearly $520 million in capital between July 22 and July 26, pushing Bitcoin’s inflows past the $3.6 billion mark for the year.
Read more: <a href="https://crypto.news/microstrategy-stock-rises-as-bitcoin-price-pierces-the-falling-wedge/" rel="noopener noreferrer nofollow"> MicroStrategy stock rises as Bitcoin price pierces the falling wedge </a>

Bitcoin price may consolidate as $2.2b options expiry looms, analysts warn

Daftar Isi

crypto.news

Artikel lain yang dipublikasikan pada 29 Jul 2024

NFT Trading Volumes Hit Record Lows, Future Prospects Remain Optimistic

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

WazirX Launches Massive $23M Bounty to Track Down $234M Stolen Assets

Today’s Hottest Crypto GEMS: Invest Now for 100x Returns!

Ripple vs. SEC: Bill Morgan Debunks Settlement Rumors Amid CEO’s ‘Showdown’ Hint

Shiba Inu Whales Believe In Rising Token Mpeppe (MPEPE), Predicted To 400x

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!