The Indian stock market continued its upward trajectory on July 4th, with the Sensex and Nifty 50 hitting new highs. Meanwhile, Bitcoin experienced a decline to a two-month low, while the T20 World Cup-winning Indian team received a hero’s welcome in Mumbai. In other news, Emcure Pharmaceuticals’ IPO saw strong investor interest, Hemant Soren was sworn in as Jharkhand’s new Chief Minister, and floods in Assam and Manipur claimed 48 lives.
In a move to bolster its campaign funds ahead of the election, Donald Trump’s presidential campaign has announced the acceptance of cryptocurrency donations. This move taps into the growing popularity of digital assets, allowing supporters to contribute using Bitcoin, Ether, and other cryptocurrencies. However, the anonymous nature of cryptocurrencies poses challenges in verifying the source of funds, and it remains unclear whether the campaign will retain or sell the received cryptocurrency.
After reaching an all-time high in mid-March, Bitcoin has been trading in a range between $60,000 and $72,000. Recently, the price has broken below the $60,000 support, signaling potential further downside before the long-term uptrend resumes. Technical indicators, such as the Fibonacci retracement levels, the 50-day moving average, and the RSI, indicate a shift from a bullish to a bearish phase. While a confluence of support exists in the $50,000 to $52,000 range, the short-term outlook favors further weakness.
Bitcoin’s recent downturn has analysts predicting a potential decline below $50,000, marking a breach of a key support level at $60,000. This downtrend is attributed to persistent inflation and uncertainty surrounding Federal Reserve interest rate policy. However, analysts emphasize that the long-term uptrend remains intact and expect a recovery to new all-time highs in the future.
Bitcoin price dropped on Thursday as weak risk appetite and anticipation of more interest rate cues dragged down the cryptocurrency market. The sell-off in major U.S. technology stocks, particularly Meta Platforms, Microsoft, and Alphabet, weighed heavily on Bitcoin, highlighting the renewed correlation between the two sectors. This trend had subsided earlier this year but has re-emerged as hype over spot exchange-traded funds waned and both sectors faced pressure from the prospect of higher U.S. interest rates. Fears of continued interest rate hikes also persisted, keeping a lid on most cryptocurrencies. Ethereum, Solana, and XRP all lost ground, while investors awaited further economic cues from upcoming data prints, including gross domestic product data and PCE price index data.
Renowned economist and cryptocurrency skeptic Peter Schiff has raised concerns about Bitcoin’s future, highlighting the criticality of the $60,000 support level. He tweeted, expressing the need for Bitcoin to hold $60K to avoid a significant decline. Schiff’s cautionary stance comes amid Bitcoin’s recent consolidation, leaving investors uncertain about its next move. If Bitcoin falls below $60,000, it could present a buying opportunity, provided it is a temporary dip. Schiff has consistently criticized Bitcoin’s volatility and questioned its stability as a safe haven asset. At the time of writing, Bitcoin traded lower, indicating the potential impact of Schiff’s warnings on market sentiment.
EOS experienced a significant rise of 10.11% on Thursday, marking its highest one-day gain since April 25, 2024, reaching a price of $0.9292. This upward movement increased the market capitalization of EOS to $1.0311 billion, representing 0.04% of the total cryptocurrency market value. Despite this surge, EOS remains down 95.96% from its all-time high of $22.98 set in 2018.
Standard Chartered’s top crypto analyst, Geoffrey Kendrick, forecasts a bullish future for Bitcoin and Ether, with Bitcoin expected to surge to $150,000 and Ether reaching $8,000 by the end of 2024. Kendrick believes that the negative market sentiment has been factored in and that positive factors will prevail, driving the prices higher. The supply shock from the Bitcoin halving and the introduction of new Bitcoin ETFs are seen as key contributors to this growth. Despite recent setbacks, such as the military conflict between Iran and Israel, Kendrick remains optimistic about Bitcoin’s potential to reach new highs.
Bitcoin (BTC) has experienced a slight downward trend in the past 24 hours, with its price decreasing by 3.85% to $64,222.00. However, despite this dip, BTC has maintained a positive trajectory over the past week, gaining 5.0% from $61,469.74. The coin’s price movement and volatility have varied over these time frames, as indicated by the Bollinger Bands on the accompanying chart. Additionally, trading volume and circulating supply have declined, with the latter now estimated at 93.76% of the maximum supply of 21 million.
Bitcoin has experienced a significant drop of 3.3% or $2,200, currently trading at $64,150. This decline has primarily occurred during the US session, indicating broader concerns within risk assets. While Bitcoin initially rallied after the halving earlier this week, it has since stalled and returned to pre-April 2021 levels.
