Top Reasons Why Bitcoin Will Surpass $60K Next Week
Bitcoin's price is anticipated to rebound soon, driven by recent market trends and economic data. However, current supply pressures, particularly from the German Government selling off its Bitcoin reserves, are delaying this recovery.
Current Price Performance:
Bitcoin struggles to break past $60,000, facing strong resistance at $59,500. It remains below the 200D EMA, trading at $57,329, indicating a possible continuation of the downward trend if it fails to close above the 200D EMA.
ETF Inflows:
On July 11, 2024, Bitcoin ETFs saw a net inflow of $79 million, with significant contributions from BlackRock's IBIT ETF and Fidelity's FBTC ETF. However, Grayscale’s GBTC ETF experienced notable outflows.
German Government Sell-Off:
The German Government's drastic reduction of its Bitcoin reserves, currently holding 9,094 BTC, is influencing market dynamics. The sell-off is tied to seized assets from the Movie2k operators, with expectations that the sell-off will conclude in two days.
Future Projections:
As supply pressures ease and potential rate cuts loom, Bitcoin is poised for a bull run. A breakout above the 200D EMA could propel Bitcoin towards $71,000, presenting a buying opportunity during this consolidation phase.
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