Bitcoin Hits $66K — What’s Next?

Bitcoin hits $66,000 as buyers aim to push prices toward all-time highs despite significant sell-side pressure.

AuthorAuthor

Joe G & Money Talks
July 17, 2024 • Estimated Reading Time: 8 minutes

In partnership with

What we will talk about today...

Bitcoin Hits $66K — Can Bulls Overcome $100M in Sell Orders?

Why is XRP Rising Today?

Analyst Ki Young Ju Warns of 'Scary' Bitcoin Trends

Bitcoin Hits $66K — Can Bulls Overcome $100M in Sell Orders?

Bitcoin hits $66,000 as buyers aim to push prices toward all-time highs despite significant sell-side pressure.

  • Main Points:

    • BTC Price Surge: Bitcoin reaches $66,129, marking a 15% gain in under a week.

    • Market Resilience: BTC rebounds despite sell-side pressure from Mt. Gox-related movements.

    • Resistance Ahead: Significant resistance at $70,000 with $100M in asks on Binance.

    • ETF Inflows: Increased inflows into US spot Bitcoin ETFs support the price rise.

  • Detailed Insights:

    • BTC Price Surge: On July 17, Bitcoin's price surged to $66,129, representing a 15% increase since the start of its uptrend on July 12. This marked a four-week high for BTC.

    • Market Resilience: Despite pressure from the movement of coins tied to the defunct exchange Mt. Gox, Bitcoin rebounded strongly. Popular trader Daan Crypto Trades highlighted the importance of holding the current support zone to maintain the upward trajectory.

    • Resistance Ahead: Traders note that significant resistance lies ahead, particularly around $70,000. Credible Crypto pointed out that approximately 1,500 BTC ($100M) of asks are positioned above current levels on Binance, indicating that buyers need to ramp up pressure to overcome this hurdle.

    • ETF Inflows: The recent price gains are bolstered by increased inflows into US spot Bitcoin ETFs. Data shows net inflows of $422 million on July 16, with a year-to-date net total surpassing $16 billion. Bloomberg ETF analyst Eric Balchunas noted this as a positive sign for market momentum.

Learn AI-led Business & startup strategies, tools, & hacks worth a Million Dollars (free AI Masterclass) 🚀

This incredible 3-hour Crash Course on AI & ChatGPT (worth $399) designed for founders & entrepreneurs will help you 10x your business, revenue, team management & more.

It has been taken by 1 Million+ founders & entrepreneurs across the globe, who have been able to:

  • Automate 50% of their workflow & scale your business

  • Make quick & smarter decisions for their company using AI-led data insights

  • Write emails, content & more in seconds using AI

  • Solve complex problems, research 10x faster & save 16 hours every week

Just Clicking The LinkHelps Us Continue
For Free Forever

Why is XRP Rising Today?

XRP has outperformed the broader crypto market, driven by its underbought status and increased whale interest, hitting a three-month high.

  • Main Points:

    • XRP Price Surge: XRP jumps nearly 7% to $0.618.

    • Market Rebound: Outperforms broader crypto market gains.

    • Retail Interest: Increased internet searches and retail investor activity.

    • Whale Activity: Slight increase in holdings among large investors.

    • Technical Breakout: XRP breaks out from a falling wedge pattern.

  • Detailed Insights:

    • XRP Price Surge: On July 17, XRP’s price surged by nearly 7%, reaching $0.618, its highest level in three months. This marks a 62.20% increase from its low of $0.381 on July 5.

    • Market Rebound: Despite fears from the ongoing Mt. Gox reimbursement, XRP has outperformed the broader crypto market, which rose by about 24.50% in the same period. XRP holders are well-positioned for a catch-up rally.

    • Retail Interest: Google Trends data shows a significant increase in internet searches for "XRP" since June, reaching a three-month high. This growing retail interest is further supported by an increase in holdings among small investors holding between 100 and 1,000 tokens.

    • Whale Activity: XRP's gains coincide with a slight increase in holdings among large investors with balances of 100 million to 1 billion tokens. This indicates growing confidence among larger market players.

    • Technical Breakout: XRP has broken out from a falling wedge pattern, a bullish reversal signal. The breakout targets $0.663, a resistance level from March. However, with the daily RSI at 77.46, the most overbought reading since November 2023, a potential pullback to $0.571 is possible.

₿itcoin reached $64,793. +1.32%

♢Ethereum reached $3,456. +1.07%

Analyst Ki Young Ju Warns of 'Scary' Bitcoin Trends

Analyst Ki Young Ju warns that Mt. Gox’s potential sell-off could create significant selling pressure on Bitcoin, impacting its price.

  • Main Points:

    • Mt. Gox Sell-Off: Concerns over Mt. Gox’s potential large Bitcoin sell-off.

    • Market Impact: Possible increased selling pressure and price volatility.

    • Analyst Warning: Ki Young Ju highlights the risk of significant sell-side liquidity.

  • Detailed Insights:

    • Mt. Gox Sell-Off: Prominent analyst Ki Young Ju, founder of Cryptoquant, has raised concerns about the potential impact of Mt. Gox's Bitcoin movements on the market. Recently, Mt. Gox transferred 44,527 Bitcoin worth approximately $2.84 billion to an internal wallet.

    • Market Impact: The large volume of Bitcoin being moved raises fears of significant sell-side liquidity entering the market. This could increase selling pressure and potentially lower Bitcoin’s price, affecting the overall cryptocurrency market.

    • Analyst Warning: Ki Young Ju warns that the market might face increased volatility due to the possible sell-off from Mt. Gox. The realized cap fluctuations and large inflow of Bitcoin could lead to a market-wide sell-off.

CAN YOU PREDICT THE PRICE?

Bitcoin Price Prediction for Tomorrow?🤔

Login or Subscribe to participate in polls.

HOW DID WE DO? 🤷

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪) What did you think of today's Newsletter? Don't worry, you won't hurt our feelings... 🥲

Login or Subscribe to participate in polls.

Stay Tuned For More Twists and Turns in
🚀The Crypto World & Happy Investing🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results