Bull Market

Material

Rekt

Data from <a href="https://www.tradingview.com/symbols/BTCUSD/" rel="nofollow noopener" target="_blank">TradingView</a> indicate a notable upward momentum in the price of Bitcoin, reaching daily highs of $58,102 on Bitstamp. This particular exchange was just one of many that took place during the <a href="https://thebitjournal.com/germany-moves-40-million-dollars-in-btc/">recent series of transactions to and from a wallet owned by the German state</a>. Both inbound and outbound BTC transactions took place on the day, with the latter involving approximately 3,000 BTC at the time of writing. 
There was a lot of discussion in the market about the movement of coins from the defunct exchange Mt. Gox. “Bitcoin market is still heavily influenced by psyops,” stated Ki Young Ju, the CEO and founder of CryptoQuant, an on-chain analytics platform, in a post on X. 
“Govt BTC selling is negligible compared to overall liquidity, and most Mt. Gox BTC holdings haven’t moved to creditors. CT still blames the drop in government sales. Smart money is replacing dumb money. We’re still early.” 
“Despite thin liquidity, BTC and ETH have made higher lows this week, with dips bought up aggressively,” it was stated. 
“The market is highly reactive to supply movements, suggesting speculative selling pressure rather than real spot demand. This may indicate a market over-positioning for the downside.” In its most recent bulletin to Telegram channel subscribers, trading firm QCP Capital observed a rise in the prevalence of “speculative” trading behaviour. BTC/USD increased 1.5% throughout the day, instilling cautious optimism among certain market observers. 
“Bitcoin is showcasing some initial signs of stability after the crash,” one of them, popular trader and analyst Rekt Capital, told X followers. Rekt Capital presented a chart illustrating the need to break the downward-sloping trendline to achieve a complete recovery. The data included the relative strength index (RSI) on daily timeframes, which showed a potential bullish divergence with price. 
<figure id="attachment_21474" aria-describedby="caption-attachment-21474" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" loading="lazy" decoding="async" class="size-large wp-image-21474" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/07/rektcapital-1024x723.jpeg" alt="BTC Price Resistance: Surpasses $58K as Crucial Bull Market Trendline Resurfaces" width="1024" height="723" title="BTC Price Resistance: Bitcoin Surpasses $58K as Crucial Bull Market Trendline Resurfaces 28">
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 BTC Price Resistance: Surpasses $58K as Crucial Bull Market Trendline Resurfaces
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“This Downtrend will be challenged if the Bullish Divergence plays out,” he added. Yet another chart showed the price bouncing back to a support level of approximately $56,750, aligning with the previous lows observed in early May. 
<h2 id="b-catalyst-is-needed-according-to-bitcoin-analyst-b">“Catalyst” Is Needed, According To Bitcoin Analyst.</h2> 
Keith Alan, co-founder of trading resource Material Indicators, expressed similar caution. According to his analysis, BTC/USD still doesn’t have enough momentum to regain the levels it lost in recent weeks, such as the 200-day moving average (MA) at $58,822. 
According to Material Indicators’ X account, “This new Trend Precognition signal on the Bitcoin Daily signal indicates that price isn’t likely to go lower than yesterday’s candle ‘today,’&nbsp; 
“For me, a pushback down to $54.3k would invalidate. Seeing some moderate strength at the moment, but I think we need a catalyst or a fat block of BTC bid liquidity to reclaim the 200-Day Moving Average.” 
<h2 id="b-all-eyes-on-btc-price-resistance-b">All Eyes On BTC Price Resistance</h2> 
The fluctuating price of Bitcoin has seen notable highs, reaching $58,102 on Bitstamp amid a series of transactions involving a wallet owned by the German state. Discussions around movements from the defunct exchange Mt. Gox have also influenced market sentiment. Analysts like Ki Young Ju and trading firm QCP Capital have noted speculative trading behaviour and the market’s sensitivity to supply movements, indicating a cautious optimism among some observers despite ongoing volatility.&nbsp; 
Analysts such as Rekt Capital and Keith Alan express varying degrees of caution, suggesting that Bitcoin’s path to recovery hinges on breaking key resistance levels and acquiring sufficient bullish momentum. 
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BTC Price Resistance: Bitcoin Surpasses $58K as Crucial Bull Market Trendline Resurfaces

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The Bit Journal

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