Bitcoin is looking more bullish than ever
Bitcoin is more bullish than ever. Recent events have created a perfect storm of bullish signals. From political moves to market trends, everything is pointing up for BTC.
Donald Trump’s pick of J.D. Vance as his running mate has added fuel to Bitcoin’s rise. Vance is a known crypto supporter and holds BTC. If Trump wins, Vance is expected to push for crypto-friendly regulations.
Even with the impending distribution of BTC from Mt. Gox, the market has been strong, pushing Bitcoin above $65,000. The last two weeks were rough.
Bitcoin dipped to $54k, and altcoins saw a 30% drop. People were panicking, but the market found its footing. It bounced back, and things are looking bright again.
Jerome Powell, the Fed chair, mentioned progress in fighting inflation, and the markets are now expecting a rate cut in September. This is another piece of good news for BTC.
Related: Investors favor Ethereum over Bitcoin – Here’s why
Also, the spot Ether ETF is almost ready to go. The SEC has asked for final revisions to S-1 filings and fee schedules, and analysts expect trading to start on July 23rd.
As Ethereum goes, so too does Bitcoin, and an Ether ETF would bring more institutional money into the market.
Bitcoin’s technical indicators are showing a mixed bag but leaning towards bullish. The 50-period moving average (MA) is at $65,156, and the 200-period MA is at $62,362.
The current price is $65,067, slightly below the 50-period MA but well above the 200-period MA. The RSI is at 47.83, close to the neutral 50 mark.
This means the market is in a consolidation phase. It’s neither overbought nor oversold, pointing to a balance. The RSI needs to move above 50 to back the renewed bullish momentum.
The MACD shows a bearish trend in the short term. The MACD line is at -39.52, and the signal line is at -30.66, with the histogram showing -70.18.
The negative values could make way for bearish pressure, but the overall market trend remains bullish if we look at longer timeframes.
The on-balance volume oscillator shows a value of -11, so the volume flow is not strongly favoring the bulls. Bitcoin needs to stay above the 200-period MA $62,362, for a solid foundation.
If it does this, we could see a rebound and a push towards $68,000. On the downside, if Bitcoin falls below this support, it could test $60,000.
