Bitcoin
Bitcoin Bulls Ride Trump Wave; Price Eyes $70,000 Levels
Amid looming concerns about Bitcoin Sales in Germanythe potential sell-off of Mt. Gox creditors and miners selling their holdings, institutional investors reportedly added 100,000 Bitcoins in a single week, showing strong buying interest. Russian Crypto Analyst believes that the current fear in the market may be overblown, given the concerns
He said that the German government has already sold a significant amount of Bitcoin, and despite this, the market has found a bottom and is recovering. Mt. Gox is redistributing Bitcoin, but this has not led to a substantial increase in selling pressure. The price of Bitcoin is recovering and the momentum has shifted to the upside.
Discussing the Fear and Greed Index, which measures market sentiment, he said it shows a level of fear comparable to that of January 2023, which seems irrational given Bitcoin’s current price. He noted that it makes no sense for retail investors to be so fearful now when Bitcoin is much higher in value compared to when it was at $16,000.
Bitcoin Price Levels and Potential Targets:
Here is a summary off analysis by Josh from Crypto World. He believes that Bitcoin has surged, clearing numerous short positions and is now facing critical short-term resistance. The recent situation involving Trump, a pro-Bitcoin candidate, has positively influenced the price of Bitcoin. A potential Trump presidency is seen as bullish for Bitcoin due to his supportive stance.
Current resistance: Between US$60,000 and US$63,000.
Support levels: Around $56,000 to $57,000 and $51,000 to $53,000.
Short-term perspective: There could be a brief bullish relief or sideways action. A confirmed break above $60,000 to $62,000 could signal a return to an uptrend. A break above $63,000 to $64,000 would further confirm this.
Liquidity Analysis: Bitcoin has reached liquidity between $59.8K and $60,000 and could reach liquidity above $60.4K to $60.8K before any significant pullback.