The price of Bitcoin rose from $58k to $60k (+3.5%)
Now it sits on $62.7k (+8%).
But before it, we witnessed a lot of bearish events, like Mt. Gox future repays and $2.2 billion sale of German government
Still, the mood changes drastically.
• Bitcoin broke the 200-day SMA
In simple words, if the asset is traded above this line, people expect a bull run.
If so, then the price is likely to drop.
The last time it started to trade above the line was on October 16, 2023.
The price was around $28,500. few months later, it reached the ATH of $73,700 (+158%)
• RSI level
It shows if the token is oversold or overbought. In first case, it will grow, while in the second, it will go down.
Right now it sits on 38, which means we're oversold and will go up soon
Miners are coming
Mining difficulty finally recovers.
The average hashrate is now 590, compared with 569 on June 20.
The average blocktime is down almost by 1 minute
That all creates bullish sentiment on the market.
But let's don't forget what waits for us soon:
• The ETH ETF will be launched this week.
After the Bitcoin ETF, we've seen the ATH in 3 months.
So in long- term, with the launch of Ethereum, one can bring the same or even more (since the market cap is in 3 times lower)
• FOMC meeting at the end of July.
The inflation rate was lower than expected. And high chances the same will be on FOMC meeting.
There will be no rate cuts, but also no rises.
• FTX will repay $14.5 billion in cash.
Since it will be repaid in stables, experts expect
reinvestments in crypto.
Not of the whole sum, but a big portion will flow back to BTC, ETH, and SOL
Still, let's leave a space for unpredicted things that may influence the market.
