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BTC Price Lower Highs Keep Bitcoin Bears in Control at $70K

Bitcoin continues to print lower highs, facing resistance at $70,000 as sellers maintain control since March’s all-time highs.

• Main Points:

  • Lower highs: BTC struggles to surpass $70,000.

  • Liquidity focus: Traders watch for potential moves above $72,000.

  • Trading caution: Analysts await a firm breakout.

  • Market depth: Cautious sentiment on recent price spikes.

• Detailed Insights:

  • Lower highs: Bitcoin has been unable to break past $70,000, repeatedly encountering resistance. This pattern of lower highs has kept the price within a five-month trading range, frustrating bullish attempts to revisit March’s all-time high of $73,800.

  • Liquidity focus: Popular trader Daan Crypto Trades highlighted the significant liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered around this area. He noted that $72,000 is a critical level for bulls to reclaim.

  • Trading caution: Analysts like Josh Rager are hesitant to engage in trades without a definitive breakout. Rager emphasized the need for a daily close above current levels to consider renewed interest in Bitcoin trading.

  • Market depth: The pseudonymous trader Horse expressed skepticism about the recent spike to $70,000, noting a lack of genuine spot buyer interest. He observed that market depth has shifted unfavorably, suggesting a more gradual and potentially unstable upward movement.

Related: Kiyosaki’s Alert: BRICS Crypto Threat to US Dollar

Bitcoin's ongoing struggle to break past key resistance levels and the cautious sentiment among traders underscore the challenges in achieving new all-time highs.

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Mt. Gox Just Moved $3B in Bitcoin — Here’s Why the Price Barely Blipped

Mt. Gox moved $3 billion worth of Bitcoin, yet the market barely reacted, indicating that holders are likely committed to holding.

• Main Points:

  • Large transfer: Mt. Gox moved 47,229 BTC worth $3 billion.

  • Market reaction: Bitcoin price remained stable.

  • Holder sentiment: Analysts suggest Mt. Gox creditors are holding, not selling.

  • Expert opinions: Confidence in the long-term value of Bitcoin.

• Detailed Insights:

  • Large transfer: Mt. Gox moved 47,229 Bitcoin, valued at around $3 billion, to three unknown wallets over three hours. Despite this significant transfer, Bitcoin's price remained relatively stable, briefly dipping into the $65,000 range but staying above $66,000.

  • Market reaction: The lack of a significant price drop suggests traders no longer react strongly to news of Mt. Gox-related Bitcoin movements. At the time of publication, Bitcoin is trading at $66,105.

  • Holder sentiment: Crypto analysts believe that Mt. Gox creditors are likely committed to holding their Bitcoin. Ben Simpson, founder of Collective Shift, emphasized that many of these creditors are long-term Bitcoin believers who purchased BTC five to ten years ago. Simpson stated, “The Mt. Gox holders are here to HODL.”

  • Expert opinions: Pseudonymous trader “exit pump” noted that these Mt. Gox movements have become routine and no longer impact the market significantly. Swyftx lead market analyst Pav Hundal added that the market's positive reaction to the news indicates confidence in Bitcoin’s stability. Glassnode also suggested that only a small portion of the redistributed BTC from Mt. Gox is likely to be sold.

Related: Bitcoin Consolidation Continues

The overall sentiment is that Mt. Gox creditors, having waited years to reclaim their Bitcoin, are more inclined to hold onto their assets, reflecting a strong belief in Bitcoin's long-term value.

All Eyes on the Fed: Steady Rates Anticipated, September Reduction Likely

The U.S. Federal Reserve is expected to maintain the current federal funds rate this week, with a potential rate reduction in September.

• Main Points:

  • Fed meeting: Evaluation of economic data and rate decision.

  • Expert opinion: Gradual approach anticipated.

  • Market predictions: High probability of steady rates now, cut in September.

  • Market impact: Mixed reactions in stocks, crypto, and precious metals.

• Detailed Insights:

  • Fed meeting: The Federal Open Market Committee (FOMC) will convene to assess the U.S. economy and decide on interest rate adjustments. Fed Chair Jerome Powell will lead the discussion, with a focus on current economic conditions.

  • Expert opinion: Gennadiy Goldberg from TD Securities expects a gradual approach from the Fed. However, if the labor market shows signs of slowing, the Fed might accelerate rate cuts.

  • Market predictions: The CME FedWatch Tool indicates a 95.9% probability that the Fed will keep rates unchanged this week, with a minimal 4.1% chance of a 25 basis point cut. For September, there is an 85.8% likelihood of a 25 bps cut and a 13.8% chance of a 50 bps reduction.

  • Market impact: Investors are closely monitoring the Fed's decision and Powell’s comments. On Tuesday, the Dow Jones and Russell 2000 closed with gains, while the Nasdaq and S&P 500 declined. The cryptocurrency market fell by 1.78%, whereas gold and silver saw gains of over 1%.

Related: Microstrategy Joins MSCI World Index Amid Bitcoin Rally

The current federal funds rate target range is 5.25-5.5%, the highest level in 23 years, with market participants eagerly awaiting the Fed's next move.

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