Bitcoin, the largest cryptocurrency, has reached new highs for the year on July 6, bouncing off key support levels and gaining momentum. The surge in BTC price has exceeded analysts’ expectations, with the cryptocurrency breaking through the top of its recent trading range. This bullish trend has sparked optimism among traders and investors.
According to Michaël van de Poppe, founder and CEO of trading firm Eight, the current price movement suggests a positive outlook for Bitcoin. He encouraged long positions, stating that breaking and flipping the $30.8K level would result in fast upward momentum, while a retest of $30.3K would present a buying opportunity for longs.
Larry Fink, the CEO of BlackRock, the world’s largest asset manager, referred to Bitcoin as an ‘international asset’ during a live interview. BlackRock has also refiled its application to launch the first Bitcoin spot-price exchange-traded fund (ETF) in the United States. This news further contributed to the positive sentiment surrounding Bitcoin.
While some remain cautious about short-term market direction due to potential influences from derivatives traders, popular traders like John Wick are confident in Bitcoin’s extended consolidation near yearly highs. They believe that the current phase is nothing but bullish consolidation, and there is no reason to fear.
PlanC, an analytics account, points out the significance of Bitcoin staying above the 2-year exponential moving average (EMA), currently at $28,500. Historical data suggests that when Bitcoin maintains this level, it is a bullish sign. Furthermore, Bitcoin’s price behavior around its trend lines in previous years indicates a positive outcome for the ongoing phase.
As the market continues to evolve, it is important to note that this article does not provide investment advice or recommendations. Investing and trading in cryptocurrencies carry risks, and individuals should conduct their own research before making any investment decisions.