Sunday, July 21, 2024

Things to keep an eye on this week in Bitcoin

Bitcoin (BTC) kicked off this week with a sluggish drag downhill toward significant support at $40,000. Last week’s post bull celebration, the present situation seems like a brand new day as Bitcoin (BTC) fights the anxious stock market and the revived US dollar, and much more.

The market scene is somewhat a mix as always. While the spot price might look a little interesting and good, Bitcoin stands stronger than before. And it seems like the participants and investors are expanding their long-term commitment.

Cointelegraph has come up with 4 major factors to keep in mind for the upcoming week for bitcoin.

  • Bitcoin to test the latest 50 days moderate support.
  • DXY grouches risk asset mood
  • Spot Prices begin to lead futures
  • Hash rate is following difficulty in all-time highs.

After passing a level of $45,500 last week, bitcoin saw a relatively quiet condition as the daily charts saw quite a few ups and downs during the week. Popular commentator Matthew Hyland said on Monday, Bitcoin is remaining constant between support and resistance. He also added that he is feeling relaxed because of current price movements.

As per DXY, bitcoin’s turnaround at $40,000 might not be helpful by advancing the US dollar. Since 4th February, US DXY (Dollar Currency Index) has been recoiling and canceling the abrupt decrease in the previous week.

Checkmate posted on Twitter on Sunday, bitcoin’s future leverage has been falling notably this week, It has fallen to 1.75% market cap from 2.0%.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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