Bitcoin

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Material

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Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-holds-steady-as-us-stocks-reach-new-highs/" data-wpel-link="internal">Bitcoin Holds Steady as US Stocks Reach New Highs</a> 
Bitcoin, 8 July Wall Street opening saw US stocks reach new record levels, maintaining modest gains. Data from TradingView showed a struggle for Bitcoin prices above $56,000. Amid increased volatility, the spot price moved through weak liquidity over the weekend, experiencing turbulence after the 7 July weekly close and then recovering during the Asian trading session. 
<h2 class="p1" style="text-align: justify" id="what-is-the-current-state-of-the-crypto-market">What Is the Current State of the Crypto Market?</h2> 
The <a href="https://en.coin-turk.com/kraken-expands-its-activities-in-europe-by-acquiring-a-dutch-crypto-trading-platform/" data-wpel-link="internal">crypto market</a> later declined again as the S&amp;P 500 and Nasdaq Index reached all-time highs during the day, continuing to move away from risk assets. Trade company QCP Capital shared the following in a section of its latest bulletin to Telegram channel subscribers: 
<blockquote> 
 “Stocks and gold have been rising since the beginning of last week, but crypto prices went the other way.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368901 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-sp-500.png" alt="" width="1634" height="849"> 
Therefore, attention focused on macroeconomic reports to be released this week and statements from US Federal Reserve Chairman Jerome Powell. Keith Alan, co-founder of trade source Material Indicators, shared the following in a section of his analysis published on X: 
<blockquote> 
 “<a href="https://finance.coin-turk.com/" data-wpel-link="exclude">FED</a> Chairman Powell’s comments last week or some crypto-related legislation could provide a catalyst for speculators.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="what-is-expected-for-bitcoin">What Is Expected for Bitcoin?</h2> 
Like many market participants, Alan was extremely cautious when it came to Bitcoin, warning that new macro lows could still easily form. Alongside a chart featuring one of Material Indicators’ proprietary trade tools showing key support lines, he explained that the market could test the $48,000 level: 
<blockquote> 
 “If this happens, a quick recovery above $50,000 will be critical to prevent a drop to test support at the 2-year trend line.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368900 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-yorum.png" alt="" width="1816" height="845"> 
Alan noted that a 40% drop from the all-time high of $73,800 in March was something Bitcoin had been following since its block subsidy halving event a month later. Popular trader and analyst Rekt Capital continued by comparing the current decline to the drop so far: 
<blockquote> 
 “This pullback is not only the deepest retracement of the cycle so far. It has also officially become the second-longest pullback in the cycle.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368899 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/rekt-1.jpg" alt="" width="1794" height="1266"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-holds-steady-as-us-stocks-reach-new-highs/" data-wpel-link="internal">Bitcoin Holds Steady as US Stocks Reach New Highs</a></h5>

Bitcoin Holds Steady as US Stocks Reach New Highs

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