Bitcoin Price Holds Above $65,000 on ETF Hype and Trump News
Arslan Butt•Wednesday, July 17, 2024•1 min read
Bitcoin (BTC) briefly breached the $66,000 mark on Tuesday before settling around $65,757. This surge comes amidst a confluence of factors, including:
- Anticipation for Spot Ether ETFs: The news of a potential launch of spot Ethereum ETFs on July 23rd is fuelling investor optimism across the crypto market.
- BlackRock Bitcoin ETF Dominates: BlackRock’s Bitcoin ETF, IBIT, has witnessed massive inflows, surpassing $18.5 billion in assets under management and overshadowing outflows from Grayscale’s GBTC. This signifies growing institutional interest in Bitcoin through ETFs.
- Positive Sentiment from Trump News: The appointment of pro-crypto Senator J.D. Vance as Donald Trump’s running mate and speculation of supportive policies under a potential Trump presidency are boosting market sentiment.
- Completion of German Bitcoin Sales: The German government’s sale of confiscated Bitcoin appears to be complete, alleviating earlier selling pressure.
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Mt. Gox Concerns Waning: While Mt. Gox’s upcoming Bitcoin payouts initially caused apprehension, analysts believe its impact on the market may be overstated.
BTC/USD Technical Analysis
Bitcoin surpassed the $65,000 resistance level, with a bullish trend forming on the hourly chart. Further upside potential exists if the price breaks above $66,000, with resistance levels at $66,500, $67,200, and $68,000.
Support levels lie at $64,250 and $63,650, with a trend line offering additional support.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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