Bitcoin

<ul>
 <li>Bitcoin price has rebounded 4%, nearing the $59,500 mark in the recent recovery.</li>
 <li>Bitcoin ETFs in the US saw $216.33 million in net inflows, marking three consecutive days of positive investment.</li>
</ul>
Despite the <a href="https://thenewscrypto.com/how-is-btc-price-affected-by-the-german-governments-btc-transfer/" rel="noopener noreferrer nofollow">German government</a> and Mt. Gox selling pressures, the global crypto market displayed a notable rebound, driven by Bitcoin’s (BTC) recovery on July 10. This upward movement comes in the wake of recent market turbulence, as Bitcoin climbed nearly 4.20% to approach the $59,500 zone.
At the time of writing, Bitcoin is trading at $59,201, with a market cap of $1.16 trillion. This recovery represents a climb from a recent low of $54,424, which was recorded on July 8. However, Bitcoin’s daily trading volume has decreased by approximately 20%, settling at around $28 billion.
In parallel, the 11 spot Bitcoin exchange-traded funds (ETFs) in the U.S. have seen solid <a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-see-continued-inflows-as-investors-buy-the-dip/" rel="noopener noreferrer nofollow">inflows</a>. On Tuesday alone. These ETFs recorded net inflows of $216.33 million, marking the third consecutive day of positive investment activity.
<h3 class="wp-block-heading" id="h-is-bitcoin-targeting-a-recovery">Is Bitcoin Targeting a Recovery?</h3>
Bitcoin’s <a href="https://thenewscrypto.com/can-bitcoin-overcome-the-56k-resistance-level/" rel="noopener noreferrer nofollow">price movement</a> remains unclear as it has fluctuated between the $53,000 and $60,000 range over the past week. There is speculation that Bitcoin could gain further bullish momentum if it successfully breaches the $60,000 resistance zone.
Following a recovery above $59,000, Bitcoin even surpassed the $59,400 level. Further, BTC has tested the 23.6% Fibonacci retracement level from a low of $54,282 to a high of $59,415, with bullish activity evident above the $58,500 level. Also, the BTC price is above the 9-day moving average (MA), indicating bullish momentum and potential for further upward movement.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="511" src="https://thenewscrypto.com/wp-content/uploads/2024/07/image-56-1024x511.png" alt="" class="wp-image-102870" srcset="https://thenewscrypto.com/wp-content/uploads/2024/07/image-56-1024x511.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-56-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-56-768x383.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-56.png 1304w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
However, the bear around the $59,500 mark remains strong. After reaching a high of $59,415, Bitcoin’s price has entered a consolidation phase. Currently, Bitcoin is trading at $59,201, remaining above its 100-hourly simple moving average. Also, a bullish trend line is forming, providing strong support at the $59,000 level on the hourly chart of the BTC/USD pair. Immediate resistance is observed near the $59,800 mark.
The first significant resistance is at $59,600. According to the <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC price prediction</a>, a decisive move above this level could trigger a further increase and drive the price toward the next major resistance at $60,200. If Bitcoin manages to close above this point, more gains may push the price to test the $60,800 resistance. However, continued upward movement could be challenging.
Conversely, if Bitcoin fails to overcome the $59,500 resistance, it might face another decline. Immediate support on the downside is near $58,800. The first major support is at $58,750. Further support is found around $57,500, aligned with the 61.8% Fibonacci retracement level of $56,243 to the high of $57,454. Any additional losses could drive the price to the $55,000 support zone in the short term.

Can Bitcoin Reach $60K Amid This Brief Rally?

目次

TheNewsCrypto

2024年7月10日公開の他の記事

Bitcoin mining to boost UK’s renewable energy grid

CoinStats Transfers Ethereum to Tornado Cash

The Potential of DePIN: Changing the Cloud Computing Industry

Top 5 Cryptos to Buy Now Before They Skyrocket

MoonBag, The Best Crypto Presale in 2024, Stuns The Investors While Aave and Render Struggle To C...

Andrew Tate’s DADDY Now Accepted For Bookings on Travala

ニュースレターを購読して暗号資産の最新情報を毎日入手！