Originally published on: August 07, 2024
Bitcoin is facing pressure as it works towards a new minimum price target of $59,000 for the week, according to popular trader and analyst Rekt Capital. Despite efforts to recover from recent lows, the cryptocurrency must hit this weekly close to maintain bullish momentum.
With the potential for a lasting bounce in Bitcoin’s price, market analysts are observing the long-timeframe landscape. However, challenges remain as BTC/USD has struggled to break through resistance levels above $70,000, signaling a potential cycle top.
Another trader, HTL-NL, highlighted concerns about lower highs in the market, suggesting that the cycle top may have already occurred. While hopes for a crypto and risk-asset resurgence are tied to global economic changes, such as quantitative easing, uncertainties persist.
Former BitMEX CEO Arthur Hayes predicts that the US will inject billions into the market, impacting Bitcoin’s performance in the near future. As BTC/USD hovers around $57,500, investors are closely monitoring market trends for potential opportunities.
As the market continues to evolve, it is essential for investors to stay informed and conduct their own research before making any investment decisions. For more insights and updates on market trends, subscribe to the Markets Outlook newsletter. Stay ahead of the curve and make informed trading decisions in an ever-changing market landscape.