Bitcoin price inclined upwards because it hovers over $ 24,000

Bitcoin price inclined upwards because it hovers over $ 24,000

Bitcoin briefly reached a two-month high in the middle of a broader market recovery in US shares last week, which was mainly influenced by the interest rate increase of the Federal Reserve and favorable inflation data.

The price of the lead crypto rose by up to 4 % to a maximum of $ 25,212 during an intraday trading period at the beginning of the week before ending the day near his opening price of around $ 24,090.

Bitcoin is currently changing the owner for $ 23,904, an area of ​​the former wick DIP support at $ 24,000 on May 9, which is now considered resistance. Most other cryptos in the top 50 after market capitalization have strong profits over a period of 30 days, with the view of seven days quite mixed.

Two important inflation numbers that were created by the Bureau of Labor Statistics last week contributed to increasing shares - which have moved in relative steps with crypto - because investors bet on signs of a declining inflation.

The Consumer price index (cpi) was reported as unchanged from June to July in the month that the prices for goods remain unchanged.

that, combined with the revelations producer price index (ppi) in the past month, also contributed to the stock market Drive because the Nasdaq now enters its fifth week in a row with higher highs.

The US Federal Reserve-the central bank of the country commissioned to combat inflation-increased the interest rates last month by 75 basis points or three quarters of percentage points after it had taken a similar measure in June.

where next?

Meanwhile, the number of outstanding Bitcoin futures contracts continues to increase from a low of July 1st, which indicates that investors could respond to the future pricing of digital assets.

"I think it will be higher," said Dan Weiskopf, co-portfolio manager of the Amplify Transformational Data Sharing ETF (Blok), in an interview with block works.

Weiskopf pointed out that the financial health of the crypto miner by a stable price of over 15,000 to $ 20,000 and a declining sales pressure by unloaded bitcoins that had been sold to the market to stabilize their balance sheets is supported.

"The great thing about what you did is that it has proven that there is liquidity for Bitcoin," he said.

While the public miners are still selling their Bitcoin stocks, there are indications that the sales pressure due to the loused bitcoins of a maximum of 33,772 BTC in April, it is said arcane research .

"The miners hoarded between 60 % and 80 % of their mined BTC until April, but they have sold more than 100 % of production in the past three months," said Aran Mellerud by Arcane in a blog post on Sunday.

This could be good for the medium -term pricing of the crypto, since the pricing on the more typical patterns of the commercial activity of private investors and institutional investors is based.

For some, including Toby Chapple, trade manager of the Australian trading company Zerocap, the weight of the institutional investments in Krypto could overshade the relationship and demand dictated by the miners.

Since 90 % of the bitcoins are broken down and the Ethereum fusion absorbed the offer side for tokens in the midst of positive news developments and other demand from larger actors, the correlation for shares in six months is less likely, added.

"All of these institutional electricity comes from the purchase pressure on the demand side," said Chapple. "In the case of offer bottlenecks on the sales side, this means that the imbalance tends up in the long term."

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