LIVESyed Hassan Ali
@Syed_Cryptowhale
Every Soul Shall Taste Death
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$BTC MARKET UPDATE
June was brutal for Bitcoin. From June 1st to June 30th, the leading cryptocurrency faced relentless selling pressure, resulting in a consistent downtrend. The charts were painted red for the whole month, with Bitcoin struggling to find its footing amid a bearish market sentiment.
However, July 1st marked a significant turnaround. After several unsuccessful attempts to break above the downtrend in the preceding days, Bitcoin finally succeeded. For the first time since the downtrend began, Bitcoin traded above the critical downtrend line on July 1st and July 2nd. This development has sparked optimism among market participants, with many speculating that the bottom of the selling pressure might have been reached.
Bitcoin established support levels between $58,000 and $60,000 during its decline. Despite this positive sign, caution is still warranted. Bitcoin remains under the 20-day moving average, indicating that the bearish sentiment has not entirely dissipated. The market is still under the “shadow of the bears,” and the actual test will be whether Bitcoin can establish new support levels above its previous downtrend line.
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To confirm a new bullish trend and momentum, Bitcoin needs to form and sustain support above the prior downtrend line. Achieving this would signal a shift in market dynamics, potentially leading to a more stable upward trajectory.
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Analyzing Bitcoin on the weekly timeframe provides additional insights. Despite the severe correction in June, the bigger picture suggests that Bitcoin might be forming new support levels above its previous all-time high resistance levels. This recent downtrend could be seen as a “sneeze” in the market—a temporary shakeout of weaker hands orchestrated by larger players. In this context, the correction could be viewed as a necessary phase, clearing the way for stronger hands to drive the market forward.
June was brutal for Bitcoin. From June 1st to June 30th, the leading cryptocurrency faced relentless selling pressure, resulting in a consistent downtrend. The charts were painted red for the whole month, with Bitcoin struggling to find its footing amid a bearish market sentiment.
However, July 1st marked a significant turnaround. After several unsuccessful attempts to break above the downtrend in the preceding days, Bitcoin finally succeeded. For the first time since the downtrend began, Bitcoin traded above the critical downtrend line on July 1st and July 2nd. This development has sparked optimism among market participants, with many speculating that the bottom of the selling pressure might have been reached.
Bitcoin established support levels between $58,000 and $60,000 during its decline. Despite this positive sign, caution is still warranted. Bitcoin remains under the 20-day moving average, indicating that the bearish sentiment has not entirely dissipated. The market is still under the “shadow of the bears,” and the actual test will be whether Bitcoin can establish new support levels above its previous downtrend line.
AD 4nXcD9 3ADAPdhJVq49t5N7TYhJ3vYIoVD21EP9v9R9yRhJ gHfuUWMBjgF1njggH
To confirm a new bullish trend and momentum, Bitcoin needs to form and sustain support above the prior downtrend line. Achieving this would signal a shift in market dynamics, potentially leading to a more stable upward trajectory.
AD 4nXevDy3r4mXtvmGQ o0j PXfWa4dK9LL0koXTCcs6rqGiqYDQOvmgeN5UF ajf0Vnyb1q anx16sZM5Uf92msOzLDUNUfr757EjL3l5xD
Analyzing Bitcoin on the weekly timeframe provides additional insights. Despite the severe correction in June, the bigger picture suggests that Bitcoin might be forming new support levels above its previous all-time high resistance levels. This recent downtrend could be seen as a “sneeze” in the market—a temporary shakeout of weaker hands orchestrated by larger players. In this context, the correction could be viewed as a necessary phase, clearing the way for stronger hands to drive the market forward.
Bitcoin Technical Analysis: $BTC Bulls Test Upper Resistance
Bitcoin’s price on July 1, 2024, stands at $62,769, with a 24-hour intraday price range of $61,261 to $63,694. The cryptocurrency’s market capitalization is $1.23 trillion, and the 24-hour trade volume is $21.98 billion.
Bitcoin
Bitcoin’s hourly chart presents a strong upward trend starting from approximately $60,620, peaking at $63,724, followed by a slight decline. The increase in volume during the price surge indicates stronger buying interest. A strategic entry point could be around $62,500 to $63,000 if consolidation and reversal signs appear, with a short-term target near the $64,000 range.
Bitcoin’s price on July 1, 2024, stands at $62,769, with a 24-hour intraday price range of $61,261 to $63,694. The cryptocurrency’s market capitalization is $1.23 trillion, and the 24-hour trade volume is $21.98 billion.
Bitcoin
Bitcoin’s hourly chart presents a strong upward trend starting from approximately $60,620, peaking at $63,724, followed by a slight decline. The increase in volume during the price surge indicates stronger buying interest. A strategic entry point could be around $62,500 to $63,000 if consolidation and reversal signs appear, with a short-term target near the $64,000 range.
Price of $BTC today
The live price of Bitcoin is $ 62,776.69 per (BTC / USD) with a current market cap of $ 1,237.90B USD. 24-hour trading volume is $ 23.11B USD. BTC to USD price is updated in real-time. Bitcoin is +2.13% in the last 24 hours with a circulating supply of 19.72M
The live price of Bitcoin is $ 62,776.69 per (BTC / USD) with a current market cap of $ 1,237.90B USD. 24-hour trading volume is $ 23.11B USD. BTC to USD price is updated in real-time. Bitcoin is +2.13% in the last 24 hours with a circulating supply of 19.72M
First Mover Americas: $BTC Relief Rally Stalls at $63K as Crypto Rebound Faces Hurdles
The latest price moves in crypto markets in context for July 1, 2024.
The latest price moves in crypto markets in context for July 1, 2024.
