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Bitcoin Trader Predicts $60K Amid New Price Rejection

Bitcoin faces a sharp rejection at $70,000, dropping to $66,500 as bears push BTC lower. Traders now eye $60,000 as a potential next target.

• Main Points:

  • Price drop: BTC falls by $4,000 after hitting $70,000.

  • Resistance rejection: Bitcoin fails to hold key support levels.

  • Short-term outlook: Potential for further decline to $60,000.

  • Exchange withdrawals: Rising BTC outflows from exchanges.

• Detailed Insights:

  • Price drop: Bitcoin saw a swift $4,000 drop after reaching $70,000 on July 30, falling to $66,500 as the Asia trading session began. This familiar pattern of rejection at key resistance levels has frustrated bulls.

  • Resistance rejection: BTC's failure to maintain $70,000 accompanied $2 billion of BTC moving out of a US government-associated wallet. Despite weekend pledges by presidential candidates to build a Bitcoin reserve, the sell-off continued.

  • Short-term outlook: Analysts and traders, including William Clemente and Keith Alan, suggest Bitcoin needs to reclaim the $69,000 level to aim for new all-time highs. Popular trader Roman predicts a potential drop to $60,000 before a bullish reversal, expecting a short squeeze to drive prices higher.

  • Exchange withdrawals: On-chain data from CryptoQuant shows increasing BTC outflows from exchanges, which could signal bullish sentiment and a potential price breakout in the future.

Related: US Debt Hits $35T — 5 Bitcoin Updates This Week

Bitcoin's recent price action highlights the ongoing battle between bulls and bears, with key support levels and market dynamics closely watched as traders anticipate the next moves.

BlackRock Warns of Increasing Crypto Scams

BlackRock, the world's largest asset manager, cautions against rising cryptocurrency scams involving their brand on various platforms.

• Main Points:

  • Surge in scams: Increase in crypto investment scams.

  • Warning issued: Caution is advised when dealing with BlackRock's brand.

  • Common schemes: Fake training sessions and investment promises.

  • Background: BlackRock's growing involvement in crypto investments.

• Detailed Insights:

  • The surge in scams: BlackRock, managing $10.5 trillion in assets, has observed a significant rise in investment-related scams, particularly involving cryptocurrencies. These scams often direct users to dubious websites or platforms like WhatsApp and Telegram.

  • Warning issued: In a post on X, BlackRock urged caution when dealing with individuals or platforms using its brand for investment offers. The firm emphasized that neither BlackRock nor its executives contact individuals via social media for investment purposes.

  • Common schemes: Scammers frequently impersonate BlackRock employees, promising high returns and inviting individuals to fake stock or crypto training sessions. Victims are often asked to deposit funds on fraudulent trading platforms and face demands for additional funds to withdraw their supposed returns.

  • Background: BlackRock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), has accumulated $23 billion since its launch in January, making it the leading spot bitcoin ETF in the US. The firm has also introduced an ether ETF. CEO Larry Fink, once a skeptic, now advocates for Bitcoin as "digital gold," highlighting its value as a portfolio asset for economic stability and protection against currency debasement.

Related: Why Is Ether (ETH) Rising Today?

BlackRock's warnings underscore the need for vigilance against crypto scams, as the firm continues to expand its footprint in the digital asset space.

US Government Shifts $2B in Bitcoin, Defying Trump's Promises

The US government transferred $2 billion worth of Bitcoin, contradicting Donald Trump’s recent promise to retain Bitcoin holdings.

• Main Points:

  • Transfer details: $2 billion in Bitcoin moved from a government wallet.

  • Political context: Contradicts Trump’s promise at Bitcoin 2024 conference.

  • Market reaction: Criticism from the crypto community and analysts.

  • Broader implications: Skepticism about Bitcoin as a strategic reserve asset.

• Detailed Insights:

  • Transfer details: The US government transferred 29,800 Bitcoin from a wallet associated with the 2022 Silk Road seizure to an unknown wallet on July 29. This move has sparked significant criticism from the crypto community.

  • Political context: This transfer came just days after former President Donald Trump vowed at the Bitcoin 2024 conference that the US would not sell its Bitcoin holdings. Trump proposed making the US a "crypto capital" and removing SEC Chair Gary Gensler.

  • Market reaction: The timing of the transfer was labeled as "tone deaf" by Galaxy Digital CEO Mike Novogratz. Speculation suggests the transfer might be related to an agreement between the US Marshals Service and Coinbase for safeguarding government crypto assets.

  • Broader implications: While Senator Cynthia Lummis introduced legislation to classify Bitcoin as a strategic reserve asset, BlockTower Capital's Ari Paul estimates only a 10:1 chance of this happening in the next four years. The US government remains the largest holder of Bitcoin, with over 183,000 BTC valued at approximately $12 billion, alongside other digital assets.

Related: Bitcoin Nears $70K — Only 6% Away from All-Time High

The US government’s recent Bitcoin transfer has raised concerns and skepticism about the consistency of its crypto policies and the future of Bitcoin as a strategic reserve asset.

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