Bitcoin worth surged to a peak of $65,007 on July 16, 2024, marking a 15% improve inside the final 4 buying and selling, market information traits spotlight the principle catalysts behind the renewed bullish momentum.
Bitcoin ETFs Make investments $515M as ETH ETFs Launch Nears
One of many major drivers behind Bitcoin’s latest rally has been the anticipation of Ethereum ETFs launching within the U.S. subsequent week. This growth is predicted to reinforce institutional curiosity and confidence within the broader cryptocurrency market, not directly benefiting Bitcoin because the market chief.
Based on Bloomberg, the Ethereum ETFs are actually as a consequence of launch on July 23, with a number of main asset managers, together with BlackRock and VanEck, as front-runners.
Bitcoin ETFs BTC Holdings July 16 2024 | TheBlock
In response to the inexperienced mild from the US SEC concerning Ethereum ETFs’ impending launch date, the Bitcoin counterparts have attracted elevated demand over the previous week. The chart above exhibits that the lively Bitcoin ETFs at present held a cumulative stability of 870,700 BTC through the market dip on July 5.
However on the time of writing on July 16, the Bitcoin ETFs holdings had reached 878,830 BTC. This displays that the Bitcoin ETFs have acquired an extra 8,100 BTC value roughly $515 million inside the final 10 days alone.
This affirms that stance Bitcoin ETFs are growing their demand for BTC because the Ethereum ETF launch date attracts nearer. If this market development persists within the coming days, Bitcoin worth might proceed on its present upward trajectory in the direction of $70,000.
Furthermore, the constructive shift within the US macroeconomic surroundings has additionally performed a vital position in bolstering Bitcoin’s ongoing worth rally. The newest Non-Farm Payroll (NFP) information exceeded expectations, indicating a robust job market and financial resilience.
Moreover, the latest Shopper Value Index (CPI) information revealed a slower-than-expected rise in inflation, which has alleviated considerations about aggressive financial tightening by the Federal Reserve.
Each indicators signaling decrease inflation pressures counsel that the US Fed could now take a extra more likely to reduce rates of interest which might create a positive surroundings for risk-on property like Bitcoin.
Bitcoin Value Forecast: Rocky Highway to $70k
Bitcoin’s latest bullish momentum has been spectacular, with the worth peaking at $65,007 on July 16, 2024. This 15% surge over the previous 4 days highlights the sturdy shopping for curiosity out there. The technical indicators within the chart counsel that Bitcoin may proceed its upward trajectory, albeit with some volatility.
The Chande Momentum Oscillator (ChandeMO) has risen sharply to 71.52, indicating sturdy bullish momentum. This uptick displays growing shopping for stress and a possible continuation of the upward development.
The Common True Vary (ATR) stands at 2,431.53, signaling heightened volatility, which is typical during times of sturdy worth actions. This means that whereas Bitcoin could face some fluctuations, the general development stays bullish.
Bitcoin Value Forecast BTCUSD | TradingView
Inside the present dynamics, the instant help degree is round $62,000, which has held agency through the preliminary consolidation section on Tuesday morning.
This degree might be crucial for sustaining the bullish momentum. On the upside, the primary resistance degree is at $68,000, with a extra vital barrier on the psychological $70,000 mark. Breaking by way of these resistance ranges would pave the best way for brand new all-time highs.
Given the present market dynamics, Bitcoin’s journey to $70,000 seems promising, although not with out challenges. Buyers ought to monitor the help ranges carefully and look ahead to any indicators of weak point.
If Bitcoin manages to maintain its momentum and break by way of the $68,000 resistance, $70,000 may very well be reached. Nevertheless, the heightened ATR suggests intense volatility forward.