search
Homeweb3.0Bitcoin (BTC) Pulls Back Sharply After Touching $70K, But Still Poised to Close July with Sizable Gains

The price of bitcoin still appears poised to close out July with sizable gains after plunging below $54,000 earlier in the month.

Bitcoin (BTC) Pulls Back Sharply After Touching K, But Still Poised to Close July with Sizable Gains

Bitcoin (BTC) price showed little changed on Monday morning U.S. hours after pulling back sharply from a key price level that was last seen early June.

Still, BTC price appeared set to close out July with sizable gains from earlier in the month, when the token briefly plunged below $54,000.

In what has become a familiar pattern of late, a rally in bitcoin to a key level was met with a wave of selling, with BTC price Monday morning U.S. hours quickly pulling back more than 3% after pushing above $70,000 for the first time since early June.

At press time, bitcoin was changing hands at $67,800, roughly flat over the past 24 hours. The broader CoinDesk 20 Index was higher by 1.1% over the same time frame, helped along by sizable gains for bitcoin cash (BCH), litecoin {LTC}} and solana (SOL).

Traders will be familiar with this price pattern in 2024, which first manifested itself in mid-January when bitcoin climbed to a multi-year high of $47,000 just after the spot ETFs opened for trade. That move higher was reversed within minutes and bitcoin days later had tumbled below $40,000 before the uptrend began anew.

Similar price action was seen in early March after bitcoin pushed to a what was then a new all-time high above $69,000 and just hours later found itself below $60,000. Later that month, a move to another record above $73,500 was snuffed out in quick fashion and more than four months later that level hasn't again been challenged.

While the above might be frustrating to leveraged traders and their profit and loss, technicians might note a pattern as each of those examples shows higher highs and higher lows – the sort of "up and to the right" chart that bulls like to see.

Indeed, earlier in July, bitcoin plunged below $54,000 as a German government entity began unloading its stash of 50,000 tokens seized as part of a criminal case. Yet just a couple of days before August hits, bitcoin is poised to close the month with a sizable gain from the $63,000 area in which it begun.

The above is the detailed content of Bitcoin (BTC) Pulls Back Sharply After Touching $70K, But Still Poised to Close July with Sizable Gains. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),