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BTC Price Faces 'Double Top' Risk — 5 Key Updates This Week
Bitcoin's price drop and weak weekly close raise fears of a "double top," with concerns of further declines amid government sell-offs and Mt. Gox reimbursements.
Joe G & Money Talks
July 08, 2024 • Estimated Reading Time: 5 minutes
What we will talk about today...
BTC Price Faces 'Double Top' Risk — 5 Key Updates This Week
El Salvador's First Digital Debt Offering Flops
Dormant Bitcoin Wallet Moves $56.5M After 10 Years
Bitcoin's price drop and weak weekly close raise fears of a "double top," with concerns of further declines amid government sell-offs and Mt. Gox reimbursements.
#Bitcoin
The Crypto Fear & Greed Index signals "Fear" while $BTC retests its ATH from 2021.
Just like in 2017...just like in 2020.
I think there is hardly a more bullish sign than this.
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof)
11:01 AM • Jun 26, 2024
There is mild panic in the market due to the small-scale sales of Mt.Gox/Govt coins, but no one is talking about the unrealized losses of STH whales, which currently equal 218K BTC.
I have no idea what will happen to the market if they lose their nerve.
✊ HODL
— Axel 💎🙌 Adler Jr (@AxelAdlerJr)
3:24 AM • Jul 8, 2024
Main Points:
Price Risks: Potential "double top" pattern, with risks of dropping below $50,000.
Weekly Close: BTC's lowest weekly close in four months at $54,300.
Government Sales: US, German government, and Mt. Gox BTC sales add pressure.
Sentiment: Crypto Fear and Greed Index nearing "extreme fear."
Macro Data: Upcoming CPI, PPI, and Fed's Powell testimony could influence the market.
Detailed Insights:
Price Risks: Bitcoin fell to $53,550, now trading around $57,429, risking further declines.
Weekly Close: Lowest weekly close in four months at $54,300, signaling potential for more downside.
Government Sales: Recent BTC sell-offs by the US and German governments, and Mt. Gox, add market pressure.
Sentiment: Crypto Fear and Greed Index at 28/100, indicating "extreme fear."
Macro Data: Upcoming US CPI, PPI data, and Fed Chair Powell's testimony could impact BTC prices.
#Bitcoin closed below the lower Bollinger Band on the weekly
This is a sell signal
More downside is probable
— Tony "The Bull" Severino, CMT (@tonythebullBTC)
1:30 AM • Jul 8, 2024
With #Bitcoin closing its weekly below the May low, the strength on Friday makes we think more of a dead cat bounce and continuation lower over the next few weeks.
We have to see how this week pans out with CPI data etc... but until otherwise I'm still betting lower to come.— AlphaBTC (@mark_cullen)
4:44 AM • Jul 8, 2024
El Salvador's First Digital Debt Offering Flops
El Salvador's first digital debt offering aimed at building a Hilton hotel raised only $342,000, falling short of the $500,000 needed to proceed.
According to Cointelegraph, Bitfinex Securities said that it will refund investors in its Hilton Hotel project at El Salvador International Airport after failing to attract the minimum $500k in funding required to continue operations. The project is the first public token bond… x.com/i/web/status/1…
— Wu Blockchain (@WuBlockchain)
9:21 AM • Jul 6, 2024
Main Points:
Funding Shortfall: Raised $342,000, below the $500,000 target.
Project Goal: Funds were for a Hilton hotel at El Salvador International Airport.
Issuer's Response: Bitfinex Securities expects a restructuring of the offer.
Market Implications: Low demand for tokenized debt instruments.
Detailed Insights:
Funding Shortfall: El Salvador's digital debt offering raised only $342,000, missing the $500,000 goal.
Project Goal: Intended to fund a Hilton hotel project at the airport.
Issuer's Response: Bitfinex Securities will return funds and expects a restructured offer.
Market Implications: Indicates limited interest in such digital instruments. El Salvador has not yet issued its “volcano bonds.”
₿itcoin reached $57,429. +0.23%
♢Ethereum reached $3,051. +1.76%
A dormant Bitcoin wallet from 2013 transferred 1,004.49 BTC, valued at $56.5 million.
Main Points:
Dormant Wallet Activity: Wallet created in 2013 moved 1,004.49 BTC.
Value Increase: BTC is now worth $56.5 million, initially $695,000.
Transaction Details: Funds moved to a Bech32 address.
Additional Transfers: Other old wallets are also activated.
Detailed Insights:
Dormant Wallet Activity: A 2013 wallet transferred 1,004.49 BTC at Bitcoin block height 850,855.
Value Increase: The BTC, initially worth $695,000, is now valued at $56.5 million.
Transaction Details: The transfer used a legacy P2PKH address to a Bech32 address.
Additional Transfers: Other notable transfers included 10 BTC from September 2013 and 20.14 BTC from June 2013 addresses.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results