Monday, July 15, 2024: Bitcoin Price Today is $62,967. Trader excitement has returned as Bitcoin has surpassed $60,000, signaling a positive shift in mood brought about by new strength in the cryptocurrency market. Since July 12, there has been a 10% increase in Bitcoin due to geopolitical developments over the weekend.
Instead of being a short-term response, this action has set the stage for future price increases. Market players are now wondering where real support is, particularly because BTC/USD has not been able to break over $60,000 for the previous four months. Now that Bitcoin has risen over this crucial level again, other important price points are becoming clear.
But there’s still a chance that bulls could lose steam due to manipulation in the cryptocurrency market or irregular demand. The Wall Street trading sessions will largely determine the market’s direction this week. Furthermore, BTC’s trajectory may be impacted by geopolitical and macroeconomic issues, such as US jobs statistics later this week and remarks made by Federal Reserve Chair Jerome Powell on inflation expectations on July 15. The fundamentals of the Bitcoin network are also changing; in the next few days, there might be a 4% rise in network difficulty.
Traders Eye Key Levels and Market Sentiment
The price of BTC/USD reached $63,000, according to TradingView. Traders were relieved that the pair had broken above $60,000. Star trader Roman mentioned “oversold” RSI signs that haven’t been seen in almost a year when he pointed out the rise back into the $60,000 to $72,000 zone.
However, worries regarding short-term trading activity and the reason behind Bitcoin’s recovery outside regular trading hours persist despite this optimism.
“We have an RSI level we haven’t seen since $25k, which in my opinion, suggests that the correction would be over.”
Overnight pressure on extremely negative positions led to $93.5 million in liquidations on the last day, according to CoinGlass. Additionally, CoinGlass showed a cloud of overhead ask liquidity at roughly $63,500.
Some cryptocurrency market watchers are nevertheless upbeat, with Checkmate of Checkonchain pointing out that Bitcoin has withstood strong sell-side pressure—including that of the German government. He emphasized that a 50,000 BTC market sell order was absorbed by Bitcoin with just a 25% decline, indicating a planned and systematic correction.
“Last time something like this happened was LUNA selling ~80k $BTC and price dropped from $46k to $25k, and soon after to $17k. Not the same.”
Macroeconomic Factors and Network Fundamentals
This week, given the mixed inflation numbers from the previous week and Fed Chair Powell’s speech at the Economic Club of Washington, D.C., the macroeconomic environment will be actively monitored. The rhetoric used by Powell will be closely watched by markets for clues about possible shifts in US financial policy. Interest rate cuts are not anticipated during the Federal Open Market Committee’s (FOMC) upcoming meeting at the end of the month; instead, attention will be paid to a potential policy change at the September meeting. The FedWatch Tool from CME Group indicates that there is a 94.3% chance of a rate cut in September compared to just a 4.7% chance this month.
The fundamentals of the Bitcoin network are beginning to stabilize, and on July 18, a 4% increase in mining difficulty is predicted, coming after three consecutive decreases. The hash rate is also surpassing all-time highs, which is encouraging for miners’ well-being. According to market analyst Cole Garner, miners’ “capitulation” phase may soon come to an end, possibly indicating a historically dependable Bitcoin buy signal.
By the end of July, hedge fund trader Josh Man expects the price of bitcoin to reach new all-time highs of over $73,800, which would establish a new record. In line with the current price surge, the Crypto Dread & Greed Index has likewise changed from “extreme fear” to “neutral” at 52/100.
According to research firm Santiment, geopolitical events have a major impact on market performance. The company projects that US political news will continue to have an impact on the cryptocurrency market until 2024. As a US Presidential contender, the firm identified an “undeniable” bullish bias associated with Donald Trump, which is seen in the performance of BTC/USD as well as the Trump-themed memecoin, MAGA (TRUMP).
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