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Market Analysis of BITCOIN on Friday 12 JULY 2024

13/07/2024 01:08:49Source:BtcDana

Technical Analysis:

BITCOIN is currently trading around 5800 and price might retrace towards 57000-57200. If price gives MSS around this zone on 5-15min we might see price heading towards 59000-60000.Buying without confirmation is not suggested in cyrptos.

Fundamentals:

The cryptocurrency market has gone through a considerable rollercoaster in the past seven days, with the price action being as volatile as it can get. At the time of this writing, the total capitalization settled at around $2.5 trillion, up 3.5% during that period.

Bitcoin wasted no time and, on July 7th, pushed above $58K for the first time this week. The bears intercepted the move immediately and, on the following day, pushed it back below $55K, where buyers found a quick recovery only to bring it all the way back to $58K again… on the same day.

The entire week was more or less filled with this type of volatility. On Thursday, the US Bureau of Labor Statistics released the numbers for June’s Consumer Price Index, which clocked in at 0.1% less compared to the previous month. Markets took it as a sign of relief that inflation was slowing down, and Bitcoin surged immediately. Unfortunately, the move was for not, and the bears pushed it back below $57K.

Ultimately, BTC is currently trading at around $58K, but that’ rollercoaster was not the craziest thing that happened over the past seven days.

It appears that the German state that’s been selling massive amounts of BTC throughout the past week is finally getting closer to zeroing its holdings out. Many analysts are taking this as a sign that the pressure will be alleviated and that the prices might recover.

Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.

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