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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Jul 09, 2024 07:40 UTC
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Crypto News Today: Bitcoin Rebound is Coming! Key Levels to Watch
The overall crypto market rose, led by Bitcoin. However, investor sentiment remains cautious.
The negative impact of Mt.Gox creditor repayments on the market is lessening, and upcoming positive events like the FTX cash distribution could boost prices.
Technically, Bitcoin could reach $72,000 soon. But if it falls below $53,000, it could trigger a sell-off.
Folks, it looks like we’re back in the fast lane. The crypto market experienced a significant surge, rising nearly 4 percent in the past 24 hours to reach approximately $2.21 trillion on Tuesday. Bitcoin (BTC) spearheaded this rally, even as midterm crypto uncertainty continued to fuel fear and pessimism. Despite a temporary rebound in BTC prices, Bitcoin’s fear and greed index dropped to 27 percent.
Notably, Bitcoin’s price surged over 3 percent in the past 24 hours, trading at around $57,222 during the early European session on Tuesday.
Where is BTC headed next?
Germany’s Bitcoin Holdings Shift
The German government, a significant Bitcoin holder over the past decade, has been selling its Bitcoin holdings in the past 20 days. After seizing nearly 50,000 coins from the movie piracy site movie2k.to, Germany now holds about 27,461 Bitcoins, valued at approximately $1.5 billion.
Using a combination of over-the-counter (OTC) options and centralized exchanges to liquidate its holdings, Germany has significantly impacted bullish sentiment in the market. On Monday, the country made its largest on-chain movement, transferring around 16,000 BTC (worth nearly $1 billion).
Shortly after, Germany accumulated approximately 3,673 Bitcoins from centralized exchanges, valued at around $207 million.
Declining Impact of Mt.Gox Repayments
The negative impact of the Mt.Gox repayments on the crypto industry has gradually declined in recent days. Additionally, many investors receiving Mt.Gox funds are believed to be long-term holders, reducing immediate selling pressure.
The upcoming FTX cash distribution of nearly $16 billion in the fourth quarter is anticipated to increase overall crypto buying pressure, potentially mitigating the impact of any remaining Mt.Gox sales.
Market Analysis and Predictions
Amid heightened crypto fear, uncertainty, and doubt (FUD), Santiment noted that the chances of a market rebound are high. From a technical perspective, Bitcoin has been forming a bullish flag against the US dollar, indicating a potential rise towards $72,000 soon.
However, a consistent close below $53,000 in the coming weeks could amplify fear and trigger increased crypto capitulation.
Read Also: List Of Top Three Altcoins To Avoid This Season
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