Ethereum

Bitcoin

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<ul>
 <li>Bitcoin surpassed $65K resistance, reaching a 41-day high.</li>
 <li>Recent decline with 37.4k BTC whale transfer and overbought RSI.</li>
</ul>
Bitcoin bulls have had a tumultuous week, breaking the $65,000 resistance after nearly a month and reaching a 41-day high of $68,474 yesterday. This peak came just hours before US regulators approved spot Ethereum exchange-traded funds, a move expected to impact the market positively. However, Bitcoin has declined 1.46% in the past 24 hours, despite a 48% increase in trading volume.
Meanwhile, the recent price dip coincides with a significant whale movement, with 37.4k <a href="https://thenewscrypto.com/michael-saylor-shares-bitcoins-gain-since-2020-outpacing-sp-500/" rel="noopener noreferrer nofollow">BTC</a> transferred between unknown wallets. Additionally, the daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" rel="noopener noreferrer nofollow">RSI</a>) indicates that Bitcoin has reached an overbought situation, suggesting a potential for a price correction.
July has been eventful for Bitcoin, with several major occurrences impacting its price. The German government made substantial <a href="https://thenewscrypto.com/is-germanys-bitcoin-sell-off-a-sign-of-market-shakeup/" rel="noopener noreferrer nofollow">transfers</a>, and Mt. Gox began repaying BTC to creditors, causing the price to dip below $57,600. Despite these setbacks, analysts maintain a positive outlook on Bitcoin, citing its historical ability to recover and return to bullish trends.
Analysts suggest that if Bitcoin surpasses the $69,000 mark, it could reach new highs. Notably, 93% of Bitcoin addresses are in profit after Bitcoin’s recent move to $67,000, indicating strong market support.
<h3 class="wp-block-heading" id="h-what-can-bitcoin-traders-expect">What Can Bitcoin Traders Expect?</h3>
Bitcoin’s recent price action reflects a bullish trend, highlighted by its breach of the $68,870 resistance level. Analysts predict that Bitcoin can potentially test the $72,272 level soon. However, if bears regain control, Bitcoin could retrace to $60,892 initially and potentially fall further to $57,861 in a more pronounced decline.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfNBDRlycBMaxBF6A8dAalD4wVc0w5l9Hh7RlH9kFy5RkJqqehXTPH8ff4wHqSmQjW9aJwUNzjleOrpEvu05z2dqGrM0k6C51DFebDdVsaSZnCRq5nsppOJhZFLLv0LsubYhCgUG-GPc5qQbCrkfJM2A5E9?key=XK482EXDruCBgl26GV6xaQ" alt="">
 <figcaption class="wp-element-caption">
 BTC Price Chart, Source: TradingView
 </figcaption>
 </figure>
</div>
Looking back, Bitcoin’s performance in July has been marked by significant events and market movements. Despite some fluctuations, the overall sentiment remains bullish. The approval of spot <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> ETFs by US regulators is expected to positively impact the market, potentially boosting Bitcoin’s price shortly.
In conclusion, Bitcoin’s recent activity suggests a robust bullish trend with potential for further gains. While short-term corrections are possible, the overall outlook remains positive. Analysts forecasting new highs if key resistance levels are breached.
Highlighted News Of The Day
<a href="https://thenewscrypto.com/michael-saylor-shares-bitcoins-gain-since-2020-outpacing-sp-500/" rel="noopener noreferrer nofollow">Michael Saylor Shares Bitcoin’s Gain Since 2020, Outpacing S&amp;P 500</a>

Is Bitcoin (BTC) on the Verge of a $70K Milestone?

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