Bitcoin

Notable

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-gains-after-us-macroeconomic-data-release/" data-wpel-link="internal">Bitcoin Gains After US Macroeconomic Data Release</a> 
<a href="https://en.coin-turk.com/bitcoins-victory-against-ars/" data-wpel-link="internal">Bitcoin</a> gained new momentum after the release of US macroeconomic data following the June 27 Wall Street opening. Data from TradingView showed a daily high of $62,323 on centralized crypto exchanges. Despite initial jobless claims coming in below expectations, US unemployment data failed to spark new inflation concerns in the crypto markets. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
BTC/USD pair increased by 2.3% at the time of writing, and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> hoped this trend could continue to push selling liquidity above the spot price. Popular trader Daan Crypto Trades shared the following insights in an update on X: 
<blockquote> 
 “Most of the liquidity lies above after testing the lowest range at $59,000 and absorbing all the liquidity there. With the addition of this new supply surplus, the next few weeks will be an interesting battle.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365816 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/liq.jpg" alt="" width="1394" height="775"> 
Another analyst, Jelle, noted that the selling pressure rhetoric from both the US and German governments in recent weeks has not been felt in the market, stating: 
<blockquote> 
 “Despite the US and German governments selling coins and Mt. Gox finally repaying creditors, Bitcoin’s low levels still seem to be holding.” 
</blockquote> 
Daan Crypto Trades acknowledged another encouraging sign of net inflows into US spot Bitcoin exchange-traded funds for the second consecutive day. Data from sources, including UK-based investment firm Farside Investors, confirmed managing $21.4 million on June 26, following $31 million the previous day. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365815 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/farside.webp" alt="" width="708" height="768"> 
<h2 class="p1" style="text-align: justify" id="notable-statements-from-experts">Notable Statements from Experts</h2> 
Blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CryptoQuant contributor Axel Adler Jr questioned how long it might take for Bitcoin’s price to recover from its all-time highs in March. Comparing recent price movements to past years, he argued that Bitcoin is replicating behavior last seen at the end of 2019: 
<blockquote> 
 “The current market is very similar to the 2019-20 correction, making it the most likely scenario for this correction to last 5 months with a maximum drop of -46%.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365814 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-bull.jpg" alt="" width="2048" height="1152"> 
Adler added that everything could still change, with the process being disrupted by a buying pressure of 500,000 Bitcoins worth $31 billion: 
<blockquote> 
 “History does not repeat itself. An active buyback exceeding 500,000 Bitcoins could trigger the end.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-365813 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-supply.jpg" alt="" width="2048" height="1152"> 
In a separate analysis, Adler noted an 18% drop in Bitcoin supply in profit, reflecting a general sense of pessimism among investors. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-gains-after-us-macroeconomic-data-release/" data-wpel-link="internal">Bitcoin Gains After US Macroeconomic Data Release</a></h5>

Bitcoin Gains After US Macroeconomic Data Release

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