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Bitcoin price remains above $65,000, but investors expect a quicker recovery. Recent positive developments are not significantly affecting short-term price movements. ETH ETF continues to draw strong volume, and the worst of the MTGOX returns may be over.
Is the Cryptocurrency Decline Over?
After the US market opened, BTC continued to fluctuate and surpassed $67,000 again. XRP Coin is leading the rise again, partly due to the July 25 SEC/Ripple meeting. The good news is that BTC holds $65,000 as support despite all the negativity. Despite fears of billions of dollars in MTGOX returns, a deeper dip has not been seen.
The level monitored by Glassnode is the total cost support of Bitcoin speculators. Since this support is maintained, the preservation of the breakout area now indicates an increased likelihood of recovery.
Crypto analyst Jelle shared the four-hour BTC chart and wrote:
“Bitcoin successfully reclaimed the key breakout area. The market seems eager to test $72,000 once again as the local market structure solidifies its upward trend.”
According to CoinGlass data, the analyst wrote that the potential breakout could increase BTC liquidations to $7 billion.
Cryptocurrency Expert Opinions
Rekt Capital is among those who think a turnaround will happen soon. He believes a new ATH will be seen by September. Another analyst, Daan Crypto Trades, says historical data suggests the long-standing boring market will soon give birth to something big upward.
“Bitcoin has been consolidating at the previous cycle’s peak for 141 days. This is the longest time taken to completely surpass the previous all-time high. On the other hand, BTC reached an all-time high before the halving, unlike previous cycles.”
Willy Woo, an analyst closely followed by cryptocurrency investors for years, mentions two hurdles that bulls need to overcome.
“Regarding bearish signals, we see coins accumulating on spot exchanges. The 50,000 BTC sent from MtGox to Kraken is notable, and it seems to highlight others sending their coins as well.
Some of the capital in BTC ETFs might shift to ETH ETFs; it’s hard to estimate how much, but it’s a risk. In summary, there’s a tug-of-war between supply and demand. In my view, bullish factors outweigh bearish ones. In the short term, BTC needs to break $73,000 to ignite a short squeeze to $77,000; above that, there’s nothing holding it back for price discovery.”
