Bitcoin rose by $64,000, but external sources felt that the breakthrough was not enough to show that the downward trend was over. Despite weak inflation data in the United States, sound corporate financial performance and improved risk asset sentiment, the encryption market and growth remain limited.
Macro-heating environment
On Tuesday, the U.S. stock continued to rise, increasing by 0.39 per cent and 0.67 per cent, respectively, in the P 500 and NASDAQ indices. In June, the US PPI was below expectations, and the monthly rate fell by 0.3 per cent, pushing down the market on the Fed's interest rate hike in July. According to CME Fedwatch data, the probability has dropped from 31% last week to 12.3%.
The Volatility Index VIX reverted to 16.5, indicating a more stable overall market risk. Goldman Sachs, Morgan Stanley, Morgan Chase and Citicorp also performed better than market expectations in the second quarter. Against this background, the overall risk asset environment is more liberal than in the previous period.
64 million United States dollars still pending confirmation
According to the article, Bitcoin breached a resistance level of $6.44 million on Tuesday, rising to $65,511 at one point in the disc and then falling back to the vicinity of $64,858, which was essentially the same in the day. There were several price suppressions in this area during the previous two weeks, and this break-up has its own meaning.
In the longer term, however, the decline in the road since May, close to a high of $82,000, has not been completely broken. The current price, albeit on a short stop, is not large. Bitcoin could go back to the original lower structure if it fell about 5% from the current price.
The article mentions that the “death intersection” of the 200-day average below the daily average is still in place, indicating that long-term trend signals have not been repaired. At the same time, the ADX indicator 23.4 shows that the pre-existing downward trend is weakening, but not completely disappearing. RSI Report 55.7 is in the middle of the heated zone and has not reached the heated state.
The market is forecast to fall.
According to external sources, if Bitcoin could remain above $64,000 for several future trading days, the breakthrough would be more likely to be considered effective by the market, with a follow-up focus ranging from $6.65 million to $6.76 million, with an opportunity for further testing of $70,000 if kinetic energy continues to increase.
But empty logic also exists. According to the article, Bitcoin is currently in a critical retreat position in a falling band, which has historically tended to re-emerge sales pressure. The previously recovered US$ 62,952 to US$ 63,354 could be the first support belt to fall back on prices.
Moreover, Myriad traders in the forecast market did not clearly follow the wheel back. The relevant contract shows that the probability of a market giving a bitcoin falling first to $55,000 was 66.6 per cent, while the probability of a first to $84,000 was 33.4 per cent. According to the article, the market remained cautious about the sustainability of the breakthrough despite improvements in short-line technology.