Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target
13 Luglio 2024 - 6:00AM
NEWSBTC
The Bitcoin price has recently shown signs of recovery, climbing
back to the $58,000 level after hitting a five-month low of
$53,500. However, technical analysis suggests that the digital
asset may struggle to surpass crucial indicators, potentially
revisiting lower price levels. In a recent post on social
media platform X (formerly Twitter), market expert Jackis
highlights the bearish D1 trend indicator on the 12-hour chart,
indicating the need for Bitcoin to reclaim the $64,000 zone to
reverse the prevailing bearish daily trend. Despite this
cautionary outlook, there are encouraging signs, including
significant inflows to Bitcoin exchange-traded funds (ETFs) and
long-term holders accumulating more BTC. BTC Struggles To Break
Bearish Trend Despite the recent recovery, Bitcoin’s technical
analysis suggests that the bearish trend remains. Jackis emphasizes
that even if the Bitcoin price makes a new leg higher to $60,300,
the D1 trend indicator remains bearish unless BTC manages to
recapture the $64,000 zone, which has already proven to be a major
resistance for the bulls, as the price of BTC failed to breach it
on its previous attempt on July 1st. According to Jackis’
analysis, the target range for the next daily leg is projected to
be between $51,000 and $49,000, with a pivotal level at $63,800
that bulls must target to reverse the daily trend. Related Reading:
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However, there is potential to reverse this situation as “dip
buyers” have returned, resulting in significant inflows into the US
Bitcoin ETF market, supporting the Bitcoin price this week to
prevent a deeper retracement with consecutive days of inflows to
manage selling pressure from the German government’s
holdings. ETF Inflow Data And Bitcoin Price Performance
JPMorgan data shows that spot Bitcoin ETFs witnessed inflows of
$882 million during the week ending July 11, with an average of
$175 million per day, marking the highest inflows since May
23. BlackRock’s IBIT ETF and Fidelity’s FBTC led the surge,
attracting $403 million and $361 million, respectively. However,
Grayscale’s ETF continued its trend of outflows, losing nearly $87
million after three weeks of outflows in the ETF market totaling
over $1.1 billion. Related Reading: 6,400 Ethereum Mystery Move
Sparks ETH Rally Talk Pre-ETF Nod Supporting the bullish outlook,
crypto analyst CryptoSoulz conducted an in-depth analysis of
Bitcoin’s price performance in July, finding that long-term holders
have accumulated BTC, having purchased over 85,000 BTC in the past
30 days. According to the analyst, this accumulation by
long-term holders is a bullish catalyst for the price, indicating
confidence in Bitcoin’s potential. CryptoSoulz, similar to
Jackis, suggests that Bitcoin is currently finding support in the
higher time frame (HTF), anticipating a bounce from this level,
particularly considering the recent bearish news. However,
the analyst further explained that if the Bitcoin price fails to
hold above the $54,000 zone in the coming days, the next level of
support is expected at $49,500. When writing, the Bitcoin
price stands at $58,300, surging merely 0.7% in the 24-hour time
frame as BTC looks to consolidate above the aforementioned crucial
levels. Featured image from DALL-E, chart from
TradingView.com
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