Following the failed attack on Donald Trump, Bitcoin and the broader cryptocurrency market witnessed a strong surge on Sunday.
If China re-enters the crypto market, it could drive a major upward rally. Additionally, embracing Bitcoin could solidify China’s position in the global fintech landscape, enhancing international trade.
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.
“A September rate cut driven purely by inflation concerns could offer a short-term bullish spark for Bitcoin,” says Markus Thielen, founder of 10x Research.
Northern Data is currently bullish on its recent pivot into high-performance computing and AI cloud services while projecting sales between €200 million ($218 million) and €240 million for the full year.
Culper Research recently published a report, accusing Iris Energy of insufficient capacity for AI and HPC at its Childress site.
Both US equities and crypto have been heading downwards following the CPI data release despite cooling inflation in what seems to be a sell-the-news event.
Bitcoin price has signaled a midterm bearish outlook that could lead to further capitulation towards $50K despite the heightened whale demand.
In January 2024, the crypto speculation index surged to nearly 60%, signaling intense altcoin speculation. However, it has since dropped below 10%, indicating a potential return to Bitcoin dominance.
In less than a month’s time, the German government has liquidated nearly 37,000 Bitcoins from its holdings. The govt. has transferred 375 Bitcoin each, to crypto exchanges Bitstamp, Coinbase, and Kraken.
Trump took a complete U-turn on the topic of Bitcoin.
Moving large amounts of Bitcoins from BitMEX is often seen as a sign of accumulation. This shows that the high net-worth investors of Bitcoin are betting on the asset’s future potential.
Analytics platform Spot On Chain earlier speculated about a potential shift towards OTC sales for the German government’s Bitcoin dump.
Analysts says Bitcoin data centers are perfect for retrofitting due to their high power density racks, cooling infrastructure, and general data center operating capabilities.
The German government continued with its Bitcoin sell-offs but US spot BTC ETF investors and whales accelerated the accumulation pace.