Last updated:
Author
Arslan Butt
Author
Arslan Butt
Share
Why Trust Cryptonews
Bitcoin (BTC), the leading cryptocurrency, has maintained its upward trend and is trading in the bullish range above the $61,000 level.
This upward movement is driven by a combination of factors, including strong demand, particularly from US investors, positive sentiment in the options market, and expectations of Fed rate cuts.
Additionally, the recent shift in CryptoQuant indicators now signals a Bitcoin bull market. This positive sentiment, coupled with large holders purchasing $5 billion in Bitcoin in July, has strengthened support and contributed to BTC’s current rise.
Bitcoin (BTC) Rebounds as Bullish Signals Strengthen
Bitcoin (BTC) is showing signs of a potential recovery after recent sell-offs, according to crypto trading firm QCP Capital.
The firm is optimistic about BTC, noting significant interest in call options expiring in September and December, indicating that investors expect a price increase.
Following a drop to $49K on August 5th, BTC rebounded and surged to $60K on August 8th, with no significant selling pressure.
Quinn Thompson, founder of Lekker Capital, downplayed recession fears and highlighted anticipated Fed rate cuts as a positive catalyst.
Additionally, increasing demand from U.S. investors, as reflected in the positive Coinbase Premium Index, suggests that BTC’s recovery may continue. However, some bearish signals persist, which could concern traders.
These developments have positively impacted BTC’s price, driving it up from recent lows, as investor confidence grows with strong demand, bullish options activity, and potential Fed rate cuts.
CryptoQuant Indicators Signal Strong Bitcoin Bull Market
On the other hand, CryptoQuant indicators now signal a Bitcoin (BTC) bull market, reversing recent trends. This shift follows a brief discount period for Bitcoin, which lasted only three days, marking a significant change in market sentiment.
Large holders bought $5 billion in Bitcoin in July, the highest monthly amount since 2014, and most Bitcoin holders are now in profit with strong support below $58,932.
The CryptoQuant Bull-Bear Market Cycle Indicator shows that Bitcoin has moved from the “Bear” zone, where prices fell below $55,000 in mid-July, into a “Bull” phase.
Previously, Bitcoin’s price had been in the “Bull” zone from March to early May, indicating a steady upward trend, despite a brief period of overvaluation when prices exceeded $67,000 in February and March.
Therefore, this news positively impacts Bitcoin’s price by signaling a bullish trend and increased investor confidence. The transition from a “Bear” to a “Bull” phase, alongside significant purchases and strong support, supports a potential rise in BTC value.
Bitcoin Faces Resistance at $62K, Bearish Below Key Level
Bitcoin is currently trading at $60,650 on the 4-hour chart, with a key pivot point identified at $62,108. This level is crucial as it serves as immediate resistance, above which the bullish momentum might pick up.
However, the price is struggling to break through this level, and the overall sentiment remains cautious.
If Bitcoin fails to hold above $62,000, the immediate support lies at $59,357, followed by deeper supports at $57,146 and $54,611.
Technical indicators show mixed signals. The RSI stands at 59.15, indicating a weakening bullish momentum that could easily shift to neutral or bearish if the price drops further.
The 50-day Exponential Moving Average (EMA) is currently at $59,717, slightly below the current price, suggesting a short-term bullish bias.
However, this support is tenuous, as the proximity to the current price level doesn’t offer much cushion against a potential drop.
Given the downward trendline and the alignment of the EMA and RSI, the market exhibits bearish characteristics below the $62,000 mark.
Traders should consider selling if Bitcoin remains under this level, as further downside pressure seems likely. Conversely, a decisive break above $62,108 could invalidate the bearish outlook and present a buying opportunity.
You might also like
Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio
Meme coins are on the rise, and $PEPU, a promising newcomer, offers the potential for substantial gains.
Presale Advantage: Investing in $PEPU during its presale could lead to significant returns, according to crypto experts like Jacob Crypto Bury.
Passive Income Opportunity: The 499% APY staking feature presents an attractive opportunity for generating passive income.
Investor Confidence: With 321 million $PEPU tokens already staked, there is strong investor confidence in the project’s long-term prospects.
Don’t Miss Out on the Pepe Unchained Presale
Secure Investment: Pepe Unchained’s smart contract has been thoroughly audited by Coinsult and SolidProof.
Easy Purchase Options: You can buy $PEPU using ETH, USDT, BNB, or a credit card.
Take Action Now: Don’t miss this opportunity to potentially grow your wealth significantly!
This sentiment is echoed by popular crypto YouTuber Jacob Crypto Bury, who anticipates strong growth for meme coins this year and highlights the benefits of investing in presales like Pepe Unchained.
Buy $PEPU Presale Now
The presale is nearing its next price increase, with $7,834,573 raised out of the $7,341,742 goal. Currently, 1 $PEPU is priced at $0.0089461. Secure your investment before the price goes up!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
