Dear Friends,
Let's discuss about the interesting facts and technicals around BTC with this article.
At the time of writing this article BTC trades at $66530, (-4%) from yesterday.
The Global Cryptomarketcap is valued at $2.39T, a 3.18% down in the past 24 hours.
If we see the fear greed index, we could see this being a greed standing at 67 points as of now; but it has been peaked at 74 yesterday.
If we see and analyse the rainbow chart of BTC, BTC shows in the accumulation zone only.
If we have witnessed the two halving sessions of BTC, there were a steady pumping in the BTC price as well.
Compared with the earlier happenings in the BTC price, we certainly anticipate that the BTC price will go up and this is shown as a good buying zone. This is not applicable for the day traders and short term terms. But one who HODL BTC in the long time, definitely this price and the BTC trend to be watched.
It is also reported that BLACKROCK HAS BOUGHT 11,291 BTC this week. This is reported by BitcoinLFG.
The other interesting fact that the US Government has moved 29800 BTC in connection with the seized Silk Road 2022 case to an unknown wallet address by yesterday ( July 29, 2024). Interestingly it has come after the strong speech by Donald Trump in the recent Bitcoin 2024 conference in Nashville. During the conference he said in strong that he will make US the Bitcoin Capital and said not to sell BTC and he would create a BTC stockpile. He also said in strong that the current SEC Chairperson Gary Gensler would be sacked.
The Galaxy Digital CEO Mike Novogratz lashed out at this recent crypto fund movement, calling it “tone deaf” move by the current administration in his twitter post.
On the technical side, BTC currently tested the $66,000 zone. A low is formed at $66,063 and the price is now consolidating the losses at present. Bitcoin price is trading below $68,500 and the 100 hourly Simple moving average.
On the upside, the BTC price could face resistance at the $67,000 level. The first key resistance is near the $67,200 level or the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low.
But with a clear move above the $67,200 resistance might send the price further higher in the coming sessions in the BTC encounter.
If it crosses, $67200, the next major hurdle is seen at $68,500. A close above the $68,500 resistance might spark bullish moves.
So have a watch with these technicals in your BTC trading!
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