- Bitcoin is firmly holding above the $60K mark since mid-July.
- There are several positive catalysts. BTC to climb higher or not?
After spending less than $60K during the first two-thirds of July, Bitcoin [BTC] Regaining the previous psychological low and range, partially induced by Trump’s attack.
Mid-week recovered, posting gains of over 8%. However, the obstacle was near $65,000. At the time of this press release, recovery has cooled and is now below $64K.
‘Trump trade’ to boost Bitcoin?
Charles Edwards of Capriole Investments, a crypto hedge-fund, says that BTC will be able to support the BTC cryptocurrency. stalled NASDAQ has dropped in price, bringing the cost of NASDAQ to $65K.
“Bitcoin is down because the NASDAQ is down. But the NASDAQ is down because of imminent easing and an AI earnings plateau. The latter has no impact on BTC, and the former is bullish BTC.”
NASDAQ is focused heavily on the tech sector. But investors are still hesitant. reportedly Rotating out large tech stocks and into small cap stocks in order to take advantage of a possible Trump victory. It was predicted by market analysts “Trump trade.”
Some market analysts believe that Trump’s crypto-friendly stance may boost BTC. QCP Capital analyst, for instance viewed Trump’s choice for VP, J.D. Vance as an important catalyst for BTC
“Trump picking J.D. Vance as his Vice President provides another positive catalyst. Vance holds BTC, and we expect him to lobby for crypto-friendly regulations if Trump gets elected.”
It was announced that the firm will be launching a new product in the near future. Ethereum [ETH] ETF was also a bullish factor. It is scheduled to take place on the 23rd July. The bullish forecast was also supported by on-chain metrics.
Score MVRV Z indicates more upside potential
Philip Swift founded Look Into Bitcoin and rebranded it as Bitcoin Magazine Pro. noted BTC’s bears reacted with disbelief when the MVRV Z scores recovered.
“MVRV Z-Score: Still so much more to come from this bull cycle. Z-score bouncing back up now to 2. Bears in disbelief.”
The MVRV score (Market value to realized value)-Z is used as a BTC cycle tops and bottoms indicator. It has accurately predicted past market tops (>7) and bottoms (0).
The metric, as it stood at the time of this article, was neither overheated nor did it signal an imminent market peak. This meant BTC had more room to grow.
Also, crypto options Deribit says that on the 19th July options valued at $1.8 billion expire. For BTC and ETH, the maximum pain was $62K for BTC expiry and $3.15K for ETH.
This meant that BTC and ETH would be experiencing a dip towards the maximum pains. ETH ETF is expected to launch soon, so a possible boost in price could not be ruled out. next week.
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Source: ambcrypto.com