From a technical standpoint, Bitcoin price in the daily time frame broke out of a descending broadening wedge, thus signaling a possible rally towards $70K soon.
The cryptocurrency industry, led by Bitcoin (BTC), rebounded over the weekend amid increased optimism among investors. The total crypto market cap surged around 5 percent to hover about $2.42 trillion on Monday during the early European session. Bitcoin price briefly reached a daily high of about $63K before retracting to around $62,855 at the time of this report.
Ethereum (ETH) price led the entire altcoin industry in a generally bullish outlook, therefore drastically reducing the fear of further capitulation. Bitcoin’s fear and greed index surged from 25 percent, extreme fear, last week to about 52 percent, neutral on Monday.
Top Reasons Bitcoin Price Surged
Bitcoin price closed last week on a bullish note after being trapped in a bearish sentiment in the past. As Coinspeaker explained last week, the demand for the United States-based spot Bitcoin ETFs has significantly rejuvenated the bullish outlook. Furthermore, the notable Bitcoin sales by the German government ended over the weekend.
Meanwhile, on-chain data shows that Bitcoin whales accumulated more than 71K BTCs in the past week. The recent Bitcoin dip presented a lifetime opportunity for more long-term holders to accumulate more coins, despite the short-term holders capitulating.
Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8
— IntoTheBlock (@intotheblock) July 13, 2024
In the wake of the failed assassination of former US President Donald Trump over the weekend, the odds of his re-election later this year significantly spiked. Notably, the pro-crypto presidential candidate is still expected to attend and speak at the Bitcoin 2024 conference in Nashville. Several crypto leaders, led by Justin Sun, have already endorsed Trump’s presidential bid.
More than two months since the fourth Bitcoin halving happened and the general bullish outlook is still evident. Moreover, the general correlation between crypto assets and traditional stock markets has been on the rise in the past few days.
With last week’s economic data from the United States signaling a possible interest rate cut later this year, the crypto industry is slated to significantly benefit.
Midterm BTC Price Targets
From a technical standpoint, Bitcoin price in the daily time frame broke out of a descending broadening wedge, thus signaling a possible rally towards $70K soon. Having regained the support level around $61K on Monday, the buyers are in control and further uptrend could be recorded ahead.
Moreover, Bitcoin price has consistently closed above the 200-day Moving Average (MA) in the past two days. Additionally, the weekly Relative Strength Index (RSI) rebounded from the 50 percent level, indicating the end of the recent capitulation.
However, a possible rejection at around $63K could send Bitcoin price towards $52K, which could take several months before rebounding in the euphoric phase.
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