Bitcoin

Bitcoin starts a new week as a serious comeback — and a shot at all-time highs — continues to take shape.
Fresh from 12% weekly gains, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price strength shows little sign of slowing down as final resistance approaches.
Beyond is a return to price discovery, but will bulls finally get their wish after four months of consolidation?
How Bitcoin behaves going forward depends on multiple factors, analysts say. A combination of institutional demand, sell-side pressure, geopolitical curveballs and inflation are all due to contribute to crypto market volatility.
On high timeframes, the picture is nonetheless optimistic: after its latest all-time highs in March, BTC/USD is still retesting its old ones as support.
However, day-to-day moves can easily upend sentiment in an instant, especially around the crucial resistance zone in which the price now finds itself.
Behind the scenes, meanwhile, Bitcoin miners are preparing to emerge from a capitulation phase, which traditionally results in significant BTC price gains. 
Cointelegraph takes a closer look at the current landscape in what is already a seminal month for Bitcoin.
<h2 data-ct-non-breakable="true" id="new-all-time-highs-return-to-btc-price-targets">New all-time highs return to BTC price targets</h2>
After what one analyst called an “extremely explosive move” last week, Bitcoin enjoyed the ideal weekly close at over $68,000.
This came courtesy of news that United States President Joe Biden <a href="https://cointelegraph.com/news/what-joe-biden-withdrawal-means-crypto-bull-run">would not stand for reelection</a> in November.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c0f444cd-9cb5-49c0-9b29-235516960eb7.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
 </figcaption>
</figure>
Despite volatility in both directions, data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> shows BTC/USD hitting $68,486, its highest level since June 12 and just 7.75% from all-time highs.
“Looking very good for bulls thus far,” popular trader Skew <a href="https://x.com/52kskew/status/1815166600913596814" target="_blank" rel="noopener nofollow">summarized</a> in his latest market update on X.
Calling the weekly close “very important,” Skew said that $65,000 should at least remain as support on higher timeframes if bulls want to maintain control.
“Otherwise early week if there’s clear market chasing on the bid, $70K - $80K becomes the target for liquidity to take (ask liquidity),” he continued.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/e82838e9-5559-499d-a110-345fd428056c.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://x.com/52kskew/status/1815166600913596814" target="_blank" rel="noopener nofollow">Skew</a>
 </figcaption>
</figure>
The analysis also touched on the relative strength index (RSI) signals, which have provided <a href="https://cointelegraph.com/news/bitcoin-rsi-btc-price-upside-65k-battle-rages">clear advance notice</a> of impending upside.
Eyeing Fibonacci extension levels, fellow trader Daan Crypto Trades made similar predictions about possible BTC price targets.
“So far so good,” he <a href="https://x.com/DaanCrypto/status/1815115026765664339/photo/1" target="_blank" rel="noopener nofollow">commented</a> alongside a chart.
<blockquote data-ct-non-breakable="true">
 “We’re still in the bigger ranger but if we’d start breaking higher the green boxes are the area’s to watch for me.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/7664eb2a-7351-48a8-af2e-b794b841e697.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with Fibonacci extension levels. Source: <a href="https://x.com/DaanCrypto/status/1815115026765664339" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="us-pce-due-as-markets-digest-biden-exit">US PCE due as markets digest Biden exit</h2>
Biden’s announcement, after some snap volatility, gave Bitcoin bulls fresh fuel to launch higher as markets cemented their bets on a Republican election victory.
The party’s presidential candidate, Donald Trump, has incorporated a pro-Bitcoin stance into his election platform. As Cointelegraph reported, Trump’s attempted assassination on July 13 <a href="https://cointelegraph.com/news/bitcoin-price-predictions-trump-victory-assassination">drove the initial wave of BTC price upside</a>.
Now, attention is turning once again to economic issues, with key US inflation data set for release.
This will come in the form of the Personal Consumption Expenditures (PCE) Index print, known to be the Federal Reserve’s “preferred” inflation measure.
The PCE print is due on July 26, a day after second-quarter gross domestic product and rolling unemployment figures, making for a potentially volatile end to the week for risk assets and crypto.
Commenting, trading resource The Kobeissi Letter said that “all eyes” are now on PCE,
“Huge week ahead with the July Fed meeting just 10 days away,” it <a href="https://x.com/KobeissiLetter/status/1814982514873634951" target="_blank" rel="noopener nofollow">wrote</a> in part of an X thread, referring to the upcoming Federal Open Market Committee (FOMC) gathering at which Fed officials will decide on any adjustments to benchmark interest rates.
The latest estimates from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">FedWatch Tool</a> reflect market expectations that no rate shifts are likely until the next FOMC meeting in September.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4821d5ea-4734-4e3d-9f95-53acbfa4d9c7.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
“More evidence of disinflation would help lock in expectations for rate cuts starting with the Fed’s September meeting,” trading firm Mosaic Asset added in the latest edition of its regular newsletter, <a href="https://www.mosaicassetco.com/p/the-market-mosaic-72124" target="_blank" rel="noopener nofollow">The Market Mosaic</a>, on July 21.
<h2 data-ct-non-breakable="true" id="bitcoin-miners-poised-for-capitulation-exit">Bitcoin miners poised for “capitulation” exit</h2>
For Bitcoin miners, the hard times that began after April’s block subsidy halving event may be almost over.
The latest data from the hash ribbons indicator, tracked by onchain analytics firm <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=indicators.HashRibbon" target="_blank" rel="noopener nofollow">Glassnode</a>, which compares two iterations of Bitcoin’s hashrate, is teasing a recovery from a multimonth “capitulation” period.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ac755fb8-5c55-484b-b18e-f7491376a54c.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Bitcoin hash ribbons zoomed in chart. Source: Glassnode
 </figcaption>
</figure>
Such periods occur when the near-term hashrate is comparatively low and is shown by hash ribbons as the 30-day moving average falling below its 60-day counterpart.
During Bitcoin’s history, such phases have been common, even in bull markets, but traders are most interested in the resulting BTC price recovery once they end.
As Cointelegraph reported, the last <a href="https://cointelegraph.com/news/bitcoin-hash-ribbons-first-buy-signal-25k-btc-price">capitulation phase ended in August 2023</a>, after which BTC/USD nearly doubled by the end of the year after a brief dip to $25,000.
The mining hashrate itself hit its highest levels since early June last week, passing 690 exahashes per second (EH/s), Glassnode data shows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c3b159e9-e49a-47ef-bba7-de89ea5904ee.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Bitcoin mean hash rate. Source: Glassnode
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="coinbase-premium-returns-for-ether-etf-week">“Coinbase premium” returns for Ether ETF week</h2>
This week marks another seminal moment for the crypto industry’s institutional adoption journey — but this time, the focus is on largest altcoin Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>).
Six months after the US spot Bitcoin exchange-traded funds (ETFs) went live, Ethereum ETFs are <a href="https://cointelegraph.com/news/ethereum-etfs-coming-what-you-need-know">due to launch</a>.
The implications for ETH price action remain unknown, but traders are bracing for the kind of volatility that hit BTC/USD at the start of the year.
“Multiple spot ETFs will go live in the next days - enabling hedge funds &amp; pensioners to buy ETH more easily. ETFs pushed Bitcoin a lot higher — will it do the same for ETH?” popular trader Jelle <a href="https://x.com/CryptoJelleNL/status/1815271761438527906" target="_blank" rel="noopener nofollow">queried</a> in part of an X post on the topic.
ETH/USD remains relatively cool compared to Bitcoin despite the ETF narrative, up around 4% over the past week compared to Bitcoin’s 7%.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f9a136a0-7d23-4a28-87fc-a34000c883bf.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/DaanCrypto/status/1815084576152146428" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
 </figcaption>
</figure>
Inflows to spot Bitcoin ETFs, meanwhile, remain firmly in the spotlight after a week of record results — <a href="https://cointelegraph.com/news/us-bitcoin-spot-etfs-17-billion-net-inflows">even as US stock markets retraced</a>.
Daan Crypto Trades showed this success reflected in the so-called “Coinbase premium” — the difference in BTC prices on largest US exchange Coinbase.
“The Coinbase Premium has moved back into a premium. This is generally healthy as it shows interest by US investors (and ETFs),” he <a href="https://x.com/DaanCrypto/status/1815281624822775899/photo/1" target="_blank" rel="noopener nofollow">summarized</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4eb5e0d2-10df-4537-be78-37cf5882bddb.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Bitcoin Coinbase premium vs. BTC/USD chart. Source: <a href="https://x.com/DaanCrypto/status/1815281624822775899" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-bears-have-gone-silent">Bitcoin bears have “gone silent”</h2>
While calls for a BTC price breakdown have disappeared from social media this month, data shows the extent to which Bitcoin bears have lost their grip on the market narrative.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-advance-toward-68k-sets-a-bullish-path-for-sol-icp-grt-and-bonk">Bitcoin price advance toward $68K sets a bullish path for SOL, ICP, GRT and BONK</a>
According to research firm Santiment, social volumes for terms such as “sell” or “bearish” are dropping. Bulls, however, remain “afraid of ‘getting it wrong’” on price trajectory.
“The crowd’s gone silent after Bitcoin and crypto have enjoyed a somewhat surprising rebound the past 2 weeks,” it <a href="https://x.com/santimentfeed/status/1815156511574012221/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in X commentary on July 22. 
<blockquote data-ct-non-breakable="true">
 “Those vocal about an impending bear market in early July have essentially disappeared as BTC has neared $70K once again.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/81e3e5f8-ebf9-4ef0-a47e-a008ec5e637a.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Bitcoin market sentiment chart. Source: <a href="https://x.com/santimentfeed/status/1815156511574012221" target="_blank" rel="noopener nofollow">Santiment</a>
 </figcaption>
</figure>
Crypto market sentiment meanwhile stood in “greed” territory as the week began, per data from the classic sentiment gauge, the <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">Crypto Fear &amp; Greed Index</a>, which measured 70/100.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/410fbb46-c46f-4f7e-ae5e-dc33e602788d.png" alt="BTC price 8% off all-time high — 5 things to know in Bitcoin this week" title="">
 <figcaption style="text-align: center;">
 Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price 8% off all-time high — 5 things to know in Bitcoin this week

Innholdsfortegnelse

Cointelegraph

Andre artikler publisert på 22. juli 2024

Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Breakthrough in DeFi: Dextra or How to Maximize Returns from Staking and Liquidity

Trump Fired Biden (TRUMPBID) Memecoin to Surge 17,000% Before Exchange Listings, While SHIB and D...

Ethereum ETFs get final approval, trading to start Tuesday

Bitcoin’s big question: Is the post-halving BTC rally still on the cards?

The Rise of Celestia (TIA): Insights from Top Crypto Analysts

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!