Bitcoin (BTC) finished July with a dragonfly Doji candlestick; This suggests that strong resistance is encountered at the $70,000 level. Bitcoin's stagnant performance over the past two weeks has raised concerns about a possible market correction in August.
Bitcoin Faces Strong Resistance at $70,000
At the end of July, Bitcoin's dragonfly Doji candlestick pattern showed that the bulls were facing strong resistance at the $70,000 level. This pattern usually indicates uncertainty in the market; Buying pressure was balanced by selling pressure. Investors should evaluate this situation carefully and monitor market movements closely. Bitcoin's performance has been volatile in recent weeks, raising the possibility of further market corrections as we head into August.
The general sentiment in the cryptocurrency market has also changed significantly. The Fear and Greed Index, used to measure market sentiment, fell from a "greed" level of 74 points to a "neutral" level of 52 points. This change shows that investors' attitudes have changed from optimism to caution. The altcoin market also followed Bitcoin's downward trend, reducing the total cryptocurrency market value by 3% to approximately $2.41 trillion. The liquidation of approximately $200 million of leveraged positions, especially by traders holding long positions, further fueled the decline and signaled risk aversion among investors.
The downward pressure on Bitcoin's price was further increased by key economic data released on Wednesday. Federal Reserve Chairman Jerome Powell emphasized that inflation has decreased over the past year, but stated that inflation remains high. This statement caused uncertainty in the markets because the Fed decided to keep the benchmark interest rate constant at 5.50%. However, there is speculation about a potential interest rate cut in September if inflation continues to fall. This macroeconomic backdrop has led investors to take a more cautious approach towards Bitcoin and other cryptocurrencies.
Other external factors also played a role in Bitcoin's recent price movements. For example, Fidelity's spot Bitcoin ETF (FBTC) experienced a net outflow of $31 million, reflecting declining investor confidence. Additionally, Grayscale made significant moves by transferring $1.8 billion from GBTC to Mini Bitcoin Trust via Coinbase Prime. These moves highlight changes in institutional investment strategies and further complicate the market scenario for retail investors.
As Bitcoin struggles with resistance at the $70,000 level, investors and traders need to be careful. A daily reversal pattern and a double top formation, along with a decreasing Relative Strength Index (RSI), potentially signal further declines. It is important to watch Bitcoin's $60,000 - $62,000 support zone, as a break of this range could trigger a decline to $48,000. Investors should closely monitor market sentiment indicators such as the Fear and Greed Index and major economic announcements, especially from the Federal Reserve. In these uncertain times, using safe haven strategies and effective risk management techniques is one of the keys to success in the volatile cryptocurrency market.
PLEASE READ CAREFULLY FOR THE GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET THE CONFIRMATION I SAID ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. DON'T FORGET TO FOLLOW IF YOU HAVE NOT FOLLOWED YET. KIND REGARDS.
