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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
We’re nearing half of July, and Bitcoin is trading unusually flat. More than 70% of all Bitcoin addresses are in profit, showing that it’s a quiet July after a rough and rowdy start of 2023. As we’ve mentioned last week, it’s holding ground in the $30K range, and that hasn’t changed so far. That new liftoff everyone expects is yet to come, and the CoinDesk Bitcoin Trend indicator signals a significant uptrend.
The flat trading trend indicates that investors are reluctant to chase the price increase past month. At that point, there was a 21% rise in Bitcoin’s price. Everyone’s staying put for the moment and keeping their coins, which is great for the summer as it may indicate a further positive shift in the following months.
Strong Performance in June
After a couple of bad years and a rough start to 2023, Bitcoin is showing more than just signs of life. It has been performing great recently. July keeps it strong so far with trading flat, and it comes off a particularly strong June. Overall for the year, Bitcoin is up 84%. That’s a big price increase considering what it suffered in the past few years, with many seeing crypto dead. But, month-to-month data shows that most of the gains occurred in the winter, especially in January and March.
Either way, it’s been performing as strong as possible. The 0.41% daily average gain in June was driven mainly by BlackRock’s spot ETF announcement. February and April were flat just like July so far, and the only negative month for Bitcoin’s price was May.
It’s not that big of a surprise that Bitcoin has been performing great in July. That’s been the case in previous years. Since 2014, there’s been a 0.39% price rise in July for Bitcoin, which is the third-highest performance of all months. If we measure from 2020, July is the second-best month for Bitcoin’s price, with only October before it. We’re still far off October, though, and with the gains so far and the calm before the storm this summer, there might be a big surprise waiting in autumn.
More Than 70% of all Bitcoin Addresses Are in Profit
According to on-chain data from Glassnode, more than 70% of Bitcoin addresses are currently in profit. This is a point for the bulls. We’ve known for some time now that bulls dominate the market, but short of a bull run, this is a great indicator that we’re moving in the right direction. This means that the investor base is also likely to hold its position following the sharp run-up in 2023.
It remains to be seen how today’s CPI release affects the price of the crypto market. For now, everything’s in the green. The quiet July for Bitcoin continues, and many see it as a signal that says calm before the storm. We certainly hope it’s so, and with autumn and October approaching, it’ll be interesting to see where Bitcoin stands before another good run.
Things are currently looking very good for Bitcoin that’s not been as volatile as it can in recent weeks. After a long and quiet weekend, it has managed to regain ground at over $30.5K, which is crucial for developments up ahead. It’s not just Bitcoin – most markets are quiet after heaps of financial data coming from the USA which has been off from an extended weekend celebrating the 4th of July.
While Bitcoin’s overall price is down over 1%, the open interest in it continues. Trading volume is down across the board, and various data shows that long traders have a slight edge over shorts. Liquidity continues to be a problem, but overall, things in the market are as green as it gets.
Positive News Around the World
With rampant inflation data slowing down a bit, the crypto market is showing signs of improvement. It’s not just that – there have been a few notable positive developments when it comes to legal crypto framework in major countries such as the UK. The House of Lords has already passed a draft to be signed by the House of Commons, which would then only await King Charles signature to get the ball rolling.
In short, the UK is trying to legalize crypto markets by providing a clear framework for Bitcoin and other digital assets. Under the new law, exchanges will only be able to offer a selected list of coins, and under very specific advertising guidelines. Which is all for the best, really, as it would protect customers as well.
Thanks to these news and relatively positive data from financial markets, Bitcoin has been able to hold the key ground of $30.5K. A new increase may come soon if it manages to stay in the zone. A bullish trend seems to be forming right now with support at $30,700. BTC has managed to test it and even hold it for short periods several times that might kick things off soon.
Stable Across the Board
We love the fact that Bitcoin’s price is stable for the past month or so. While it has struggled to clear the $31,400 resistance zone, there’s a downside correction below the $31,000 and $30,800 levels. As mentioned, there’s been a bullish trend developing near $30,700, with major resistance at $31,250.
If it can reach this level and hold it down, then fresh increase is expected. That’s what we’ve been waiting for months – a fresh reach forward that would provide Bitcoin with the fuel it needs to grow further. It’s crazy to see it rushing to new heights after a period of nearly a couple of years where things haven’t been exactly great. Everyone though Bitcoin and the crypto market were dead, but they’re rising as a Phoenix right now.
Of course, we shouldn’t be too optimistic, but things are looking solid. If the world recovers from the recent financial problems and manages to keep things straight, Bitcoin will rise once again as well.
After years of despair, we can honestly say that the crypto market is currently in a positive spot. We’ve seen Bitcoin go from strength to strength, maintaining healthy price levels which is crucial for its price going forward. While there are weeks when the price goes down significantly, it only takes less than a day for Bitcoin to correct it.
Just a few days ago, Bitcoin shot to $31,400, which is its highest price point in a year. What’s more important is that it’s doing it while staring in the face of adversity in times of tough financial times. Which are going to get better in light of the positive signals and good economic data from the USA as well as the positive news surrounding Bitcoin ETFs.
Sitting Comfortably at $30K
The largest cryptocurrency by market volume hit $31,400 last Friday. That was the highest price since 2022 showing that its currently in a good place. For the past few weeks, Bitcoin has been sitting comfortable at around the $30,000 level, and that’s all positive news. It traded for over $30K earlier this week for the first time since April when the SVB collapse sent investors in search of safer places for their assets and money.
For the year, Bitcoin is up by 87%. The most recent gains come in light of increased crypto interest from many financial giants and organizations. Just last week, BlackRock—the largest asset management firm, filed for a new Bitcoin ETF. Its assets will be controlled by Coinbase, and if approved, it would make a huge difference on the US crypto market.
To make things more exciting (and weirder), the SEC has already approved its first Bitcoin futures ETF. Historically, the SEC has been a strong opponent for crypto, yet it seems to be changing the tune. Or deceiving us all in a way – we’ll see what the future brings. Crypto exchange EDX markets that’s backed by the SEC and Charles Schwaub has launched its digital asset platform last week too, showing a positive shift in crypto and taking Bitcoin’s price up.
Making a Stand
Considering expectations of a global financial crisis, Bitcoin has been holding its ground pretty well. The impending global financial crisis is not as close as we initially thought, although further price shockwaves by the end of the year are still expected. It seems that the global and US economy are simply not budging as everyone thought, and that’s certainly positive news.
It’s also one of the factors that’s been driving Bitcoin’s price up in recent weeks. It’s making a stand on the $30K level as investors are waiting to see if it can rally further to $34,000 which is the current resistance level. If a Bitcoin ETF gets approved soon—and it just might—institutional momentum can see the world’s largest cryptocurrency rally up to $40,000.
That’s all a bit too optimistic right now, but hey, we’ve seen stranger things happen before. The good news is that everything’s on the positive track, and we’re vying for such a shift.
After a week or two of price drops, Bitcoin is flying high again. The biggest cryptocurrency by market volume has almost reached $29,000, currently sitting just below at $28,850. That’s a new 14-day high in a while, and the best part is that it comes in the middle of SEC’s ongoing legal action against Binance and Coinbase. Bullish traders are hopeful that Bitcoin will break through its 10-week losing streak, which might be a catalyst for that bull run everyone’s been playing up for so long.
According to data, the price hike resulted in the liquidation of over $36.6 million of shorts in the past day. That’s the shortest squeeze this month. Another reason for the price rise is that many large financial services have announced major crypto initiatives which have brightened up the mood regarding the crypto market while the SEC is fighting exchanges.
BlackRock Behind the Rally
One of the reasons for Bitcoin’s recent price rally is investment firm BlackRock. It filed for a Bitcoin ETF in the USA on June 15, after which Bitcoin started its ascension. It’s not the first firm to do so. However, it’s one of the largest applicants, and if approved, this move can have major implications on the crypto market.
The SEC has so far rejected all approaches for a Bitcoin ETF so far. Grayscale, for example, has appealed its rejection. BlackRock’s situation might be different. As the world’s largest asset manager (over $8.5 million in assets), it will be a big win if it manages to obtain the ETF. The firm will use Coinbase to custody the BTC in its trust. Its application didn’t just boost Bitcoin’s price. It also boosted Grayscale’s ETF, with the discount approaching 37%.
Another overly positive sign for the increasing Bitcoin price is the cooling US Dollar index. Over the years, whenever the DYX index goes down, the sentiment surrounding risk assets such as Bitcoin goes up. The FED’s interest rates were paused last week, and some experts believe this is a sign the US economy will finally start to grow. This would see the dollar rise too, but even in that way, Bitcoin could continue to grow along equity markets. It’s safe to say that it’s in a good spot now and for the near future.
Sideways Trading This Year?
While some experts are optimistic at the moment, others believe Bitcoin will trade sideways for the rest of the year. While there’s no sure way to say what happens next, we’re in the middle of a crypto renaissance every way you look at it. Bitcoin’s price is overall on the rise this year, and in the past few weeks, we’ve received positive news from many countries and financial institutions looking to get exposure to the digital agent ecosystem.
The Bitcoin and crypto momentum around the world is finally starting to change, and we’re happy it’s so. If that momentum continues and Bitcoin’s price stays undefeated, we could finally see the crypto earthquake we’ve been waiting for so long.
Over the past few days, Bitcoin, Ethereum, and other coins have been plagued by price drops. It wasn’t by mistake – in fact, US regulators are to blame. The SEC is continuing its tirade against cryptocurrencies, and to make things worse, there are many rumors which suggest that there’s an anti-crypto alliance forming.
Bitcoin’s price has hit its lowest levels since March. Currently, it’s unable to break past the higher levels of $26,000, with a potential powder keg situation brewing. Stocks are soaring right now as everyone waits for the Fed to announce new interest rate hikes while the SEC sues Binance and Coinbase. It’s a bad time for the crypto market, yet somehow, Bitcoin’s price seems to linger in a decent position.
Considering the pressure the SEC has been putting on the biggest crypto exchanges to remove coins not registered as securities it makes sense that the price is down. Other exchanges and trading platforms are committed to working closely with regulators to keep afloat. eToro, for example, has announced it’ll remove support for Decentraland, Algorand, Dash, and Matic. Another trading app, Robinhood, will remove support for Solana, Matic, and Cardano. As per its statesperson, Robinhood constantly reviews its crypto offer and makes changes when necessary.
Due to SEC’s pressure, the platform’s trading volume fell over 40% in May. The removal of these coins is not a good sign. It shows that platforms are breaking under pressure from the SEC. Their combined value is nearly $25 billion, and investors are surely not happy about the decision.
The SEC’s legal battle against Coinbase and Binance has created a negative ripple effect where the price of other cryptos is dragged through the mud. Exchanges and trading platforms are halting sales of certain coins because they don’t want no part of the SEC’s legal actions. Not surprisingly, the 7-day price of the delisted coins has dropped significantly, and the looming macroeconomic decisions make things worse for Bitcoin’s price.
According to some reports, things are about to get worse. David Sacks, a prominent tech investor who’s close to Elon Musk, says that SEC chair Gary Gensler and Senator Elizabeth Warren are forming an alliance that threatens to destroy the US crypto market. The deal? Warren should make him Treasury Secretary if he destroys crypto. Gensler is obviously taking no prisoners judging by his latest actions.
Can Things Get Better?
To answer the question quickly, yes. No amount of pressure from any regulator will stop crypto. It’s a minor setback that may see Bitcoin’s price fall down further. But, how many times have we seen the crypto market staring in the face of adversity before? A few crypto winters didn’t kill the ecosystem, and while it may be halted in the USA, it will find market elsewhere.
With rampaging inflation and macroeconomic factors that surely aren’t great, Bitcoin’s price may need some time to recover. But, it most certainly will – it might just take longer. The crypto market is a Hydra – cut one head off, and dozens will appear in its place.