The recent building up of Bitcoin’s upward momentum could be an indication of the crypto selling pressures getting over, with a possible rally on the horizon.
The steady rise in crypto token prices since July 1 has continued with renewed strength. Bitcoin’s upward momentum is the highlight of the recovery. Even though Bitcoin faced stiff resistance at $63,000, other indicators have seen significant improvement. The first 48 hours of this month offer a glimpse of a potential rally in the crypto market going ahead.
A prominent crypto analytics firm claimed in their report that sellers were ‘exhausted.’ As a result, the crypto selling pressures of June might have toned down. It also noted that outflows from exchanges had slowed down in recent months.
Their report stated, “This reduction in outflows suggests that investors are more inclined to hold their assets rather than withdrawing cash from the market. This could imply that investor sentiment has turned more positive following the Bitcoin halving event.”
Bitcoin’s long-term outlook depends on various factors. It includes regulatory developments, institutional adoption, and technological advancements within the blockchain ecosystem. However, progress in all these indicators might have led to long-term investors having firm support for the crypto market.
Meanwhile, tokens like ETH haven’t breached the $3,500 mark yet. It has recorded a modest 2.3% weekly gain, which is a turnaround from its losses in mid-June.
BTC/USD 1D price chart
Bitcoin is currently trading at around $62,600 on July 2, 2024, with BTC/USD trading lower by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.23 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (65,164.15), as BTC’s 24-hour volume was at around $21.78 billion. The global crypto market cap decreased by around 0.97%, trading above $2.31 trillion. BTC’s year-to-date returns are at 49.84%.
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