Bitcoin (BTC), the leading cryptocurrency, has reversed its recent bearish trend, regaining bullish momentum and trading above the $67,000 level. The positive movement has driven Bitcoin to an intraday high of $67,340, reflecting increased market interest and bullish sentiment, further supported by a 5% increase in the last 24 hours.
Marathon Digital’s $100 Million Bitcoin Purchase Amid Legal Challenges
Marathon Digital Holdings (MARA) recently acquired $100 million worth of Bitcoin, opting to hold the entire amount without selling. This move demonstrates their confidence in Bitcoin’s long-term potential, despite facing a $139 million legal fine related to a former executive’s confidential growth plan. CEO Fred Thiel reiterated the company’s belief in Bitcoin as a great long-term investment. This announcement, made just before a major Bitcoin conference, underscores Marathon’s commitment to Bitcoin’s future value.
Analyst Predicts Bitcoin Could Soar to $263,000 with Key Technical Breakout
Crypto analyst Trader Tardigrade has predicted that Bitcoin could surge to $263,000 if it meets specific conditions. He highlights that Bitcoin’s price chart is forming a “Cup with Handle” pattern, historically a bullish signal. For this prediction to hold, Bitcoin needs to break above $68,000. Currently, Bitcoin has reached the upper resistance of a descending channel pattern, and the analyst suggests it might face brief consolidation before a potential breakout. Trader Tardigrade believes Bitcoin will continue to rise through late 2025, reflecting a strong bull run.
Trump Campaign’s $4 Million Crypto Fundraising Boosts Bitcoin Sentiment
Donald Trump’s reelection campaign raised $4 million in digital assets during the second quarter of 2024, indicating a shift from his previous negative view of Bitcoin. Major donations included $2 million in Bitcoin from Cameron and Tyler Winklevoss and $1 million in Ether from Kraken’s Jesse Powell. The campaign also received $50,000 in USD Coin from Ryan Selkis and $300,000 in XRP from Stuart Alderoy. Despite needing to refund over $844,600 due to Federal Election Commission rules, the campaign has raised over $142 million this year. This $3 million in digital assets raised by Trump’s campaign, including significant Bitcoin contributions, is positive for BTC price, reflecting growing institutional acceptance and market confidence.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently priced at $67,340, with a 24-hour trading volume of $33.89 billion. Bitcoin has surged by nearly 5% in the last 24 hours, reflecting strong market interest. Currently ranked #1, Bitcoin boasts a live market cap of $1.33 trillion, with a circulating supply of 19.73 million BTC coins and a maximum supply of 21 million BTC coins.
Key Technical Levels and Indicators
On the 4-hour chart, Bitcoin’s key price levels indicate significant market movements. The pivot point is set at $66,885, a critical level for determining future trends. Immediate resistance levels are observed at $67,705, $68,480, and $69,150. Conversely, immediate support levels are noted at $66,000, followed by $65,580 and $64,680, pivotal for potential downside movements.
Technical indicators show that the RSI stands at 61.04, suggesting a moderately bullish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $65,585, further reinforcing the bullish outlook. A notable bullish engulfing candle on the 4-hour timeframe indicates a strong potential for continued upward movement, especially if Bitcoin remains above the $66,885 pivot point.
In conclusion, Bitcoin’s technical outlook remains bullish above the $66,885 level. Traders should closely monitor this pivot point, as a break below could shift the market sentiment to bearish.
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