Bitcoin (BTC) Price Revisits $65,000 Mark, Can Bulls Reclaim the Throne?

Bitcoin (BTC) price has revisited the $65,000 mark following the Wall Street opening on July 25. Currently priced at $67,237, the cryptocurrency has experienced a slight 5% increase over the past 24 hours.

Bitcoin price experienced a slight increase on July 25th as it revisited the $65,000 level following the opening of Wall Street. At the time of writing, BTC was trading at $67,237, up by 5% in the past 24 hours.

The cryptocurrency’s price recovered from an initial sell-side pressure, which was reportedly caused by trading algorithms and large trades from an entity, an ‘aggro seller,’ that sold into the liquidity. Popular analyst Skew explained how liquidity games influenced Bitcoin’s price.

According to Skew, aggressive sellers moved the price down before passive buyers came in. This pattern of price movement is characterized by positions being closed out several times until the market is net long. Skew said that they expect this momentum to reverse and to initiate reversion trades, consequently.

The price of Bitcoin was seen rising as the U.S. stock market recovered from recent losses. The Nasdaq 100 dropped by 3.6% on July 24th, which was its worst single-day decline since November 2022, while the S&P 500 dropped by 2%.

Recent macroeconomic data influenced the market sentiment. The Personal Consumption Expenditures (PCE) Index, which is a measure of inflation, was also lower than expected. This could be a positive sign for risk assets as lower consumer spending puts pressure on the central banks to cut interest rates.

However, initial and ongoing jobless claims data also missed the forecast, indicating the strength of the labor market. This is a negative factor that lowers the chances of interest rate cuts at the Federal Reserve meeting scheduled for the 31st of July.

Anticipation is building over U.S. presidential candidate Donald Trump’s potential involvement in the Bitcoin 2024 conference in Nashville. Trump’s recent public support for cryptocurrency and proposed policy plans have influenced bullish sentiment within the market. Speculation also surrounds the possibility of Trump creating a U.S. strategic reserve in Bitcoin if elected.

Analyst emphasizes importance of a $65,000 support level for Bitcoin

Rekt Capital, a trader and analyst, has focused on the importance of Bitcoin price at the $65,000 mark. In the view of Rekt Capital, the failure to hold this level as support is good for the short-term Bitcoin outlook.

According to the analyst, a daily close above $ 65,000 is pivotal to contain price movements within the $65 000 and $ 71,500 mark. Rekt Capital also highlighted that Bitcoin could possibly break its past record in the next two months, given the present market standing and analytical signs.

Meanwhile, another analysis by Cole Garner, a well-known market commentator, pointed out that the aggregate spot BTC order book remained skewed towards the downside. Garner’s assessment suggests that Bitcoin may experience continued sideways movement rather than a sustained rally.

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