Bitcoin

Rekt

Bitcoin has managed to record some price gains in the last week following a brutal market sell-off at the start of July which saw the crypto market leader lose 10% of its price on July 5.&nbsp; At the moment, analysts continue to roll out observations and predictions that suggest that Bitcoin may soon pull off a market rebound and perhaps eventually embark on a highly-expected bull run. 
<h2 id="strong-bitcoin-s-rare-underperformance-hints-at-possible-bullish-rebound-strong">Bitcoin’s ‘Rare’ Underperformance Hints At Possible Bullish Rebound&nbsp;</h2> 
In <a href="https://x.com/santimentfeed/status/1811788279161000184" target="_blank" rel="noopener nofollow">an X post on Friday</a>, prominent blockchain analytics company Santiment provided some intriguing insights into Bitcoin’s recent price behavior.&nbsp;Santiment stated Bitcoin is largely behind the S&amp;P 500 and other equities in relation to price performance, a development which they described as a “rare sight” over the last three years. 
&nbsp; 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Despite a mild recovery to end the week, Bitcoin's recent dip came as the S&amp;P 500 and equities continued to flourish. This has been a rare sight for the past 3 years, with most of crypto's runs coming in tandem. BTC lagging behind suggests an eventual bullish catch up period. <a href="https://t.co/q4FnwmZMpK" rel="nofollow">pic.twitter.com/q4FnwmZMpK</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1811788279161000184?ref_src=twsrc%5Etfw" rel="nofollow">July 12, 2024</a>
</blockquote> 
As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market <a href="https://www.newsbtc.com/bitcoin-news/germany-liquidates-over-90-of-bitcoin-holdings-retains-only-284-million/" target="_blank" rel="noopener ">sell-off mainly by the German Government</a> who have now completely offloaded their total BTC holdings valued at $2.9 billion.&nbsp; 
Furthermore, the defunct crypto exchange Mt. Gox which collapsed in 2014, finally began the repayment of a $9 billion debt to creditors in BTC and BCH, the majority of which were expected to be sold, thus a <a href="https://www.newsbtc.com/bitcoin-news/massive-sell-off-mt-gox-bitcoin-payout-fears-wipes-out-170-billion-from-crypto-market/" target="_blank" rel="noopener ">prompting massive selling pressure. </a>While Bitcoin showed some resilience this week gaining by 2.88%, the premier cryptocurrency still trails the positive price performance of the equities market on a larger timeframe. 
For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&amp;P 500 has recorded a 5.4% gain within that same period.&nbsp;However, as this development has been a rare occurrence in the last three years as both assets usually moved in tandem, Santiment suggests Bitcoin may experience a “bullish catch-up period.” 
<h2 id="strong-bitcoin-to-challenge-1-5-month-downtrend-strong">Bitcoin To Challenge 1.5-Month Downtrend</h2> 
In other news, crypto analyst Rekt Capital has <a href="https://x.com/rektcapital/status/1811803607966040183" target="_blank" rel="noopener nofollow">noted</a> that Bitcoin is currently battling to end a downtrend stretching over the last one-and-a-half month. During this period the premier cryptocurrency has lost over 18% of its price. 
According to Rekt Capital, Bitcoin has attempted to break out of this downtrend multiple times including three times in the last three days. If Bitcoin eventually pulls a trend reversal, the market leader may be set for full price recovery reaching as high as $71,000. 
At the time of writing Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">trades</a> at $58,170 with a 1.69% gain in the last day. However, this mild price pales in comparison to the comparison which has surged by 30.81% to a price of $5,615 in the last 24 hours. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/gm93Uffl/" alt="Bitcoin" width="1480" height="893"> 
&nbsp;Featured image from The Economic Times, chart from Tradingview.com

Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up

Зміст

NewsBTC

Інші статті, опубліковані 13 лип. 2024 р.

DeFi Protocol Dough Finance Exploit Swipes $1.96 Million In User Funds

New AI Meme Coin Presale Ends Soon – Invest in $WAI Token Before CEX Listing

UK Regulator Warns of Fake Solicitor Bitcoin Scam

Northern Data Projects Revenue to Triple in 2024 on HPC and AI Investments

Donald Trump memecoin spikes 52% following assassination attempt

Hamster Kombat Listing on CoinDCX: Rumor or Reality?

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!