July 25, 2021

Bitcoin Gains Heights With New Market Incentives

Bitcoin Gains Heights With New Market Incentives

Anonymous hacker group actions and salesFUCKELON tokens pale against the background of a 10% rise in Bitcoin and 14% Ethereum on Wednesday. BTC returned above the support of $ 31,000 and significantly increased the chances of realizing the final move upwards, repeating at least the high of June 29 ($ 36,600).

Elon Musk admitted his interest in growthcrypto market. Bitcoin ended up not only on Tesla's balance sheet, but also on SpaceX controlled by him (the company is not public and is not obliged to disclose information to the SEC). Musk himself acquired the first cryptocurrency, while he still has small Ethereum and Dogocoin stocks. According to him, he can pump, but not dump coins, because he is "losing money."

The amplification of the COVID-19 delta strain in the world is capable ofto force the FRS to delay until September with the beginning of specifics in the discussion of exiting stimuli and thereby support risk appetites. The Chinese FUD has already completely exhausted itself, fears about the sale of the Grayscale bitcoin trust did not materialize. It is possible that the US authorities will not give reasons for selling yet, and the returned purchases will extend the consolidation into July-August with a movement to the upper border.

Positive expectations for the paston the eve of the conference, The B Word came true. Musk announced greening the mining of cryptocurrencies and considering returning Tesla's option to sell for bitcoins (it is necessary for the share of clean energy in mining to reach 50%). Jack Dorsey and Katie Wood of ARK Invest found reassuring words about the problem areas of digital gold - volatility, energy consumption, reliance on non-renewable energy sources.

ARK Invest, as well as controlled by FTX head SamBanman-Fried Alameda Research, bought bitcoin on its fall below $ 30,000. In addition to The B Word, the news about the joining of Bank of New York Mellon to the PureDigitalM trading crypto platform for large players had a positive effect on sentiment. At the moment, four of the six largest US banks are already working with digital assets in one form or another.

From a technical point of view, in the coming days you canexpect to trade in the range of $ 31,500 - 32,500 (we can potentially go to $ 31,000). The market's reluctance to return to lower levels can be interpreted as readiness for a reversal and the implementation of the indicated scenario with an exit above $ 36,600.

Skeptics are still talking about "dead cat bounce"which speaks about the likelihood of such a scenario. Expectations of the upcoming Fed meeting on July 28, as well as hearings of the US Senate Banking Committee on cryptocurrencies on July 27, may limit buyers. If the rise in the rate continues before the mentioned events, it will become an unambiguous signal for further growth.