Bitcoin Breaches Major Resistance Level of $60000 After Germany Completely Sold Off Its Holdings
- WBOYOriginal
- 2024-07-19 15:12:531086browse
The overall sentiment in the cryptocurrency market shifted after Germany completely sold off its Bitcoin [BTC] holdings. These changes has not only turned overall crypto assets green but also help BTC to breach the $60,000 level.
Bitcoin [BTC] breached a major resistance level on 20th July as a collective shift in the cryptocurrency market sentiment occurred. This change was sparked by Germany completely selling off its BTC holdings.
In the last seven days, BTC has experienced multiple attempts at breaching the $60,000 level, but to no avail. However, due to multiple rejections, this level was weakened and BTC managed to break through it this time.
If BTC manages to close with a strong daily candle above the $60,700 mark, there is a high possibility that we may see BTC at the $64,000 level in the coming days.
While the German government’s BTC sell-off may have played a role in shifting the market sentiment, another potential reason is the continuous inflow into spot Bitcoin Exchange Traded Funds (ETFs).
Despite the overall market downturn, ETF traders showed strong confidence and interest in BTC by buying the dip. This was evident from the ETF traders buying BTC at a higher rate than non-professional traders selling their holdings, according to data from on-chain analytic firm spotonchain.
Technical analysis of BTC and key levels
BTC’s technicals were looking bullish on the chart as the coin was trading above the 200 Exponential Moving Average (EMA) on a daily time frame. A price above 200 EMA usually signifies bullishness in the chart.
Besides this higher time frame bullishness, BTC also formed a bullish ascending triangle price action pattern in a 4-hour time frame. If BTC gives a strong candle closing above $60,700 then there is a high chance we may see a bullish move up to $64,000.
However, if BTC does reach the $64,000 level, nearly $1.22 billion of short positions will be liquidated.
Moreover, data from on-chain analytic firm CoinGlass showed that bulls’ long positions have been comparably higher than short-sellers’ over the last seven days.
At the last check, BTC was trading near $60,140 with 3.5% upside moves in the last 24 hours. Meanwhile, open interest (OI) has surged by 5.3% showing strong confidence and interest among investors and traders. According to coinmarketcap data, BTC has gained a price surge of over 4.6% in the last 7 days.
In other news, altcoins including Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP (XRP) have also undergone similar upside moves.
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