Bitcoin

Momentum

<ul>
 <li><strong>Bitcoin (BTC) climbs around the $62,300 zone amidst reduced selling pressure from miners.</strong></li>
 <li><strong>Miners have been significant contributors to recent crypto market declines.</strong></li>
</ul>
<p>While the global crypto market is showing some <a href="https://thenewscrypto.com/are-active-bitcoin-dormant-whales-indicating-a-recovery/" target="_blank" rel="noopener noreferrer nofollow">positive trends</a>, attention has turned towards Bitcoin (BTC) as it navigates through mixed pressures. Following the release of US economic data, Bitcoin has shown a moderate upward trend despite fluctuations, climbing around $62,293 from a 24-hour low of $61,097.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd6fmbrpljPZoSVrySVBKxHsRXO03R03dgIdYSlm3DK-Ib6v34ljqnGduJE4DIT-K72274co1qPS9ct9O0zqqmicpv_5l1Jmn6S6JPWJ5igdQL-AWTUJrJzNziD6o23R5i3oqAxVcZATY-XhCYWMb_q_w?key=u1ZBv1ho4y9imjRratBBSQ" alt="">
 </figure>
</div>
<p>At the time of writing, Bitcoin traded at $61,684 with a market cap of $1.20 trillion. Additionally, the daily trading volume of BTC soared by around 3.41% to $22.72 billion.&nbsp;</p>
<p>The positive turn in BTC comes with one more key development. The data from CryptoQuant suggests reduced selling pressure from miners, which could pave the way for potential upward movements in BTC and the broader crypto market in the coming months. Also, they noted that miners have played a major role in the recent downturn of the cryptocurrency market.</p>
<h2 class="wp-block-heading" id="h-will-btc-bulls-gain-momentum">Will BTC Bulls Gain Momentum?</h2>
<p>Over the past week, Bitcoin has showcased a significant <a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-record-11-80-million-net-inflows-on-thursday/" target="_blank" rel="noopener noreferrer nofollow">price decline</a>, initially dipping to the $58,800 zone before staging a recovery and trading between $60,500 and $62,000. Also, Bitcoin’s daily relative strength index (RSI) signals an oversold condition at 35.48, complemented by a sell signal from the exponential moving average (EMA).</p>
<p>Looking ahead, market sentiment hinges on whether BTC bulls can lead a push above 62,000. If the BTC maintains its foot above the crucial resistance of $62,500, it will encounter initial resistance around $62,580 and further barriers near $63,250. The rally to $63,250 would trigger more gains straight to $66,953.</p>
<p>Conversely, failure to sustain upward momentum may see Bitcoin testing support levels starting at $60,750, with potential further declines towards $60,099 and potentially down to $59,250.</p>

Will Bitcoin Bulls Gain Momentum Amidst Market Recovery?

目录

TheNewsCrypto

发布于 2024年6月28日的其他文章

Fake Phantom wallet breaches Apple’s app store, draining crypto assets

Worldcoin Foundation Funds Wormhole to Bring World ID to Solana

SEC Sues Consensys Over MetaMask Staking, Broker Allegations

Toncoin and Fantom Investors Find Success in MoonBag as the Top Crypto Presale Sets New Records, ...

In 2024 Qubetics Whitelist Flourishes During Polygon and Polkadot Crypto Market Declines

Expert Predicts $1k Investment in These Cryptos Today Could Yield a Luxury Car by 2025

订阅我们免费的电子期刊，获取每日最新加密领域动态！