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Bitcoin Hits Bull Market Trendline, Eyeing 30% Gains

Bitcoin approaches a crucial bull market trendline, reclaiming the short-term holder's realized price, potentially setting the stage for significant price upside.

• Main Points:

  • Reclaiming STH Realized Price: Bitcoin regains the short-term holder's (STH) realized price.

  • Support Indicator: STH activity historically supports long-term price levels.

  • Potential for Gains: Past reclaim events led to 30% gains.

  • Current Price Action: Bitcoin faces resistance around $65,000.

  • Volume Concerns: Recent price action accompanied by lower-than-average trading volumes.

• Detailed Insights:

  • Reclaiming STH Realized Price: Bitcoin has reclaimed the short-term holder (STH) realized price, a critical support level for speculatory holders who have held BTC for 155 days or less. This price level often forms long-term support during bull markets.

  • Support Indicator: Since early 2023, Bitcoin has only briefly dipped below the STH realized price. Reclaiming this level is a positive sign, as STHs typically add to their positions at this price, creating a support level.

  • Potential for Gains: Historically, reclaiming the STH realized price has resulted in at least 30% gains. According to CryptoQuant, Bitcoin has seen two such reclaim events in 2023, each leading to significant price increases.

  • Current Price Action: Bitcoin is trading around $64,575, close to the STH realized price, which Glassnode estimates at $64,300. Traders see $65,000 as a key level to flip to support for further upside.

  • Volume Concerns: Despite the price surge, trading volumes have been lower than during recent lows around $53,000. Analyst JT notes that current volume levels are below average, suggesting caution.

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

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Shiba Inu Falls 10% After WazirX $235M Hack

Shiba Inu (SHIB) faces a 10% price drop following the WazirX hacking incident, amplifying concerns of a potential sell-off.

• Main Points:

  • SHIB Price Drop: Shiba Inu falls 10% to $0.00001720.

  • WazirX Hack Impact: $100 million worth of SHIB compromised.

  • Market Reaction: Multiple cryptocurrencies decline post-hack.

  • Technical Indicators: SHIB shows potential for further downside.

• Detailed Insights:

  • SHIB Price Drop: On July 18, Shiba Inu's price fell roughly 10%, reaching $0.00001720. This significant drop was linked to the recent hacking incident at the India-based crypto exchange, WazirX.

  • WazirX Hack Impact: The hack resulted in the suspicious movement of around $235 million from WazirX wallets, including $100 million worth of SHIB. Other affected cryptocurrencies include Ether (ETH), Polygon (MATIC), Floki (FLOKI), Fantom (FTM), Chainlink (LINK), and Fetch.ai (FET).

  • Market Reaction: All these cryptocurrencies experienced price declines following the security breach. The hacker has already converted some of the stolen assets into Ether using Tornado Cash and may continue liquidating the remaining assets, including Shiba Inu.

  • Technical Indicators: SHIB's price decline is an ongoing correction trend. The meme coin has dropped over 15% after encountering resistance at multiple technical levels, including the upper trendline of its descending channel and the 50-day and 200-day exponential moving averages (EMAs).

Related: Why is XRP Rising Today?

Mark Cuban Links Silicon Valley's Trump Support to Bitcoin

Billionaire Mark Cuban claims Silicon Valley's support for Trump is driven by Bitcoin prospects, emphasizing lower tax rates and tariffs as key factors.

• Main Points:

  • Support for Trump: Cuban links Silicon Valley's Trump backing to Bitcoin.

  • Bitcoin Play: Lower taxes and tariffs expected to boost Bitcoin.

  • Market Dynamics: Global uncertainties and Bitcoin’s capped supply could drive prices up.

  • Future Prospects: Potential for Bitcoin as a global safe haven.

• Detailed Insights:

  • Support for Trump: On Wednesday, Mark Cuban shared on X that Silicon Valley's growing support for former President Donald Trump is fundamentally a "bitcoin play." Cuban believes the support is not due to Trump’s crypto advocacy but due to potential favorable regulatory changes at the SEC.

  • Bitcoin Play: Cuban argues that lower tax rates and tariffs under a Trump administration could drive Bitcoin prices higher. He highlights that these factors could be inflationary, especially amid global geopolitical uncertainties and the potential decline of the U.S. dollar as a reserve currency.

  • Market Dynamics: Cuban points out that Bitcoin’s global nature and its finite supply of 21 million coins, which can be divided infinitely, position it well to benefit from these economic and geopolitical shifts. He suggests that if Bitcoin becomes a global safe haven, its price could rise significantly.

  • Future Prospects: While Cuban does not predict Bitcoin will become a global currency, he acknowledges a non-zero chance of this scenario. He references countries facing hyperinflation as examples where Bitcoin already serves as a safe haven.

Related: David Bailey on Bitcoin Inc.'s Pivot and Bitcoin Asia Conference

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