Although there has been a slight slowdown in the bullish crypto sentiments of the last week, the overall Bitcoin price outlook still remains bright.
Bitcoin has experienced modest levels of retracement since July 24, leading to a downward price graph. However, the Bitcoin price outlook has maintained a neutral outlook, while BTC’s support is at $63,000. Meanwhile, the overall crypto sentiments across the market have been slightly subdued, but there are no bearish selling pressures.
A period of consolidation in the crypto market was visible a few days ago, with BTC attempting it at around the $67,000 price level. Its resilience has remained intact since then, while signs of negative catalysts have disappeared. Moreover, price fluctuations have been regular in Bitcoin’s historical trajectory. However, its growing acceptance and fundamental value could continue to drive the crypto market.
The inflows of the spot crypto ETFs continue to be firm. But the effects of the new ether ETFs are yet to impact the crypto market. According to market experts, long-term prospects of the ETFs will be highly beneficial for the entire crypto ecosystem.
In the crypto market, a general slowdown has occurred across several crypto tokens, including the major ones like SOL, BTC, and ETH. On a positive note, this may emerge as a good opportunity for buyers to start accumulating crypto. BTC’s support level could be a key trigger for crypto sentiments.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,900 on July 25, 2024, with BTC/USD trading lower by a margin of around 3% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 61,700), as BTC’s 24-hour volume was at approximately $34 billion. The global crypto market cap decreased by around 2%, trading above $2.3 trillion. BTC’s year-to-date returns are above 52%.
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