Bitcoin started the new week with a strong comeback and is heading towards all-time highs. With a weekly gain of 12%, Bitcoin price is showing only a slight slowdown as it approaches eventual resistance. Analysts predict that after a four-month consolidation period, the bulls will be able to realize their wishes.
Last week, Bitcoin achieved significant success with a weekly close above $68,000, following what one analyst described as an “explosive move.” This success came after US President Joe Biden announced that he would not run for re-election. Despite volatility in both directions, BTC/USD rose to $68,486, reaching its highest level since June 12. Famous trader Skew emphasized that the bulls look strong so far and it is important to maintain the $65,000 level as support.
Analysts drew attention to the relative strength index (RSI) signals and made important warnings about the future of the rise. Trader Daan Crypto Trades predicted possible Bitcoin price targets by monitoring Fibonacci extension levels and noted areas to watch out for.
Following Biden's announcement, markets strengthened expectations for a Republican election victory and gave Bitcoin bulls a chance to move higher. Republican presidential candidate Donald Trump's positive approach to Bitcoin also supports this rise. Economic data, especially inflation data to be announced in the USA, attracts the attention of investors and may be decisive on the future of the crypto market.
The Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred measure of inflation, will be released on July 26. This data could lead to a potentially volatile end to the week for risk assets and the crypto market. CME Group's FedWatch data shows that no interest rate change is expected at the FOMC meeting in September.
Recommendations for Bitcoin Investors:
Follow price movements closely: It is important to watch whether Bitcoin holds the $65,000 level as support.
Observe economic data: PCE Index and other economic indicators can influence the direction of the crypto market.
Be prepared for volatility: Election processes and economic data can increase the volatility of the market.
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