Bitcoin (BTC) faces resistance and stalls at around the $65,000 mark on Thursday, while on-chain data indicate a rise in holdings among short-term investors, coupled with a slight increase in inflows at US spot Bitcoin ETFs. Additionally, billionaire investor Mark Cuban highlighted Silicon Valley's increasing backing of former President Trump as a strategic move tied to Bitcoin, discussed on Twitter.
Part 1
— Mark Cuban (@mcuban) July 17, 2024
Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular.
It’s a bitcoin play.
Not because the former President is a far stronger proponent of crypto. That’s nice.…
Bitcoin Short-Term Holder (STH) Realized Price chart
This smart money bought 215.5 $BTC($14M) again 16 minutes ago and currently holds 463.16 $BTC($30M).https://t.co/jovITZeHNy pic.twitter.com/HZeFgUzQ6I
— Lookonchain (@lookonchain) July 18, 2024
Bitcoin Spot ETF Net Inflow (USD) inflow chart
Bitcoin price faces rejection around the daily resistance level of around $65,000. At the time of writing, it trades slightly up 0.75% at $64,720 on Thursday.
If BTC faces a price pullback, sideline buyers seeking opportunities can consider positions between the $59,200 and $57,800 levels, where the previously broken trendline resistance now serves as support.
However, should BTC sustain its bullish momentum and close above $65,000, it may advance by 4% from its current trading price of $64,720 to test the weekly resistance of around $67,209.
On the daily chart, the Relative Strength Index (RSI) is currently above the neutral level of 50, and the Awesome Oscillator (A.O.) has also flipped above its neutral level of zero. These momentum indicators strongly show bullish dominance.
Furthermore, surpassing the $67,209 level could allow an additional 7% rise to retest its daily high of $71,997 from June 7.
BTC/USDT daily chart
On the other hand, if BTC closes below $56,405 and forms a lower low in the daily timeframe, it may signal persistent bearish sentiment. This scenario could trigger a 7.5% decline in Bitcoin's price, targeting the daily support at $52,266.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.