Bitcoin‘s recent price movements have been characterized by a pattern of lower highs, with attempts to reach all-time highs being consistently thwarted by sellers.
This pattern has caught the attention of traders, who are monitoring the market closely.
Data from Cointelegraph Markets Pro and TradingView indicates that the $70,000 mark has been a significant resistance level for Bitcoin’s price rebound in July.
Despite hopes among Bitcoin bulls for a return to the $73,800 all-time high reached in March, sellers have kept the market in check.
Traders are now noting this repeated phenomenon, which has resulted in Bitcoin’s price being pushed down within a five-month trading range.
Daan Crypto Trades, a popular trader, highlighted the abundance of liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered there.
In a post on X on July 30, he noted, “Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.”
Daan Crypto Trades identified $72,000 as a critical level for bulls to surpass, and mentioned potential buy-liquidity below the current price.
According to analysis, if BTC/USD falls below $64,000, this liquidity could become significant.
He predicted, “Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.” He also pointed out support around $63,000-$63,500, noting that “we got some wicks around $63K-$63.5K which likely got some long stops below.”
Josh Rager, another trader and analyst, expressed disinterest in trading without a clear breakout, stating, “Not much has changed here for BTC… Get a daily close higher and I’ll be interested again.”
Pseudonymous trader Horse on X also questioned the strength of Bitcoin’s recent rise to $70,000, pointing out a lack of spot buyer interest and suggesting that the movement was driven by open interest rather than actual price increases.
He commented, “Market depth has shifted unfavorably across the board… This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
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American cryptocurrency investment firm Grayscale has introduced a new investment product, the Grayscale Bitcoin Mini Trust, as a “spin-off” of its existing Grayscale Bitcoin Trust ETF (GBTC).
This new product started trading on the NYSE Arca electronic securities exchange at 8 am UTC on July 31.
The Grayscale Bitcoin Mini Trust is an extension of the spot Bitcoin ETF that Grayscale launched in January 2024, following approval from the United States Securities and Exchange Commission.
The new trust is listed under the ticker “BTC” and is designed to offer investors exposure to Bitcoin.
Grayscale explained that the Mini Trust was created by reallocating 10% of the Bitcoin held by GBTC to the new trust, a process described as involving innovative mechanics of initial seeding.
This spot Bitcoin ETP begins trading with a net asset value per share of $5.84 and $1.7 billion in assets under management as of July 30.
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Notably, the Grayscale Bitcoin Mini Trust is not registered under the Investment Company Act of 1940, differentiating it from most mutual funds.
The firm clarified: “BTC’s distribution event is colloquially known as a ‘spin-off,’ and is a corporate action that is not expected to be a taxable event for GBTC nor any beneficial owner of GBTC shares as of the previously announced record date of July 30, 2024.
Investors are encouraged to consult a tax advisor for related tax guidance.”
David LaValle, Grayscale’s head of ETFs, stated that the Grayscale Bitcoin Mini Trust aims to lower the barrier to accessing Bitcoin within an SEC-regulated investment framework.
John Hoffman, Grayscale’s head of strategic partnerships, noted that this is the first “mini” Bitcoin ETP launched in the US, emphasizing its liquidity, diverse shareholder base, and accessible share price.
He said, “BTC is one of the most efficient tools for investors and financial professionals seeking to add low-cost, long-term exposure to Bitcoin to their investment accounts.”
The Grayscale Bitcoin Mini Trust has a management fee of 0.15%, with additional brokerage fees and other expenses potentially applying.
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The United States Securities and Exchange Commission (SEC) has approved Grayscale’s latest spot Bitcoin exchange-traded fund (ETF), named the Grayscale Bitcoin Mini Trust (BTC), for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.
This development was confirmed in a filing dated July 26.
This approval represents a significant achievement for Grayscale, which recently announced plans to partially spin off its primary Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
A Grayscale spokesperson expressed excitement over the SEC’s approval, stating, “Grayscale is excited to share that the [SEC] has approved NYES Arca’s Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC).”
The company awaits the registration statement’s effectiveness, which will enable the Mini Trust to operate as a U.S. spot Bitcoin ETP, alongside GBTC and other funds.
The Mini Trust offers a notably lower management fee of 0.15%, significantly less than the 1.5% annual fee charged by the GBTC fund.
On July 31, Grayscale will allocate 10% of the spot Bitcoin held by GTBC to the Mini Trust.
Current GBTC shareholders will receive shares in the Mini Trust proportional to their existing GBTC shares.
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This transition ensures that GBTC holders will maintain the same amount of spot BTC, but distributed across two separate funds.
Earlier this month, on July 8, Grayscale announced a similar initiative with its Grayscale Ethereum Trust (ETHE), where existing shareholders were granted shares in the newly established Grayscale Ethereum Mini Trust (ETH).
Both GBTC and ETHE funds are among the oldest spot Bitcoin and Ethereum funds in the U.S., having launched in 2013 and 2017, respectively.
The GBTC fund alone manages over $17 billion in assets.
An insider mentioned that this distribution method provides existing shareholders with a tax-advantaged way of transitioning from the legacy fund to the new ETF, potentially offering more flexibility and benefits.
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Bitcoin faced a crucial weekly close on July 28, as the market reacted to recent statements by U.S. presidential candidates regarding cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized after experiencing volatility linked to the Bitcoin 2024 conference.
The market had been anticipating a possible price surge due to the event.
Notably, presidential candidates Donald Trump and Robert F. Kennedy Jr. both announced plans to establish a strategic Bitcoin reserve of at least 200,000 BTC.
However, the market response was subdued. Charles Edwards, founder of Capriole Investments, remarked on X, “There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” referencing Trump’s election odds.
Trader Daan Crypto Trades suggested that the muted market reaction might be temporary, saying, “Think people are a bit surprised and confused by this timeline.”
He noted that while the market received the news it wanted, there was significant liquidation of long positions before Trump’s announcement, which might have influenced price stability.
Daan Crypto Trades also highlighted the underestimation of the strategic reserve commitments, pointing out that not selling seized coins could eliminate a significant supply overhang.
He stated, “Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” comparing it to the supply pressures from entities like the German government and Mt. Gox.
As the excitement from the conference subsided, traders focused on the upcoming weekly and monthly Bitcoin close. The previous weekly close was near $68,200, leaving uncertainty about the week’s outcome.
Trader MegaWhale Crypto was optimistic, noting, “BTC weekly RSI has broken upward!
“This is a great sign,” but emphasized the need for sustained RSI levels above a downward trend line to confirm the breakout.
Meanwhile, Keith Alan, co-founder of Material Indicators, expressed caution, noting Bitcoin’s ongoing resistance challenges.
Monitoring resource CoinGlass reported that BTC/USD had increased by 7.8% in July, recovering losses from June.
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Bitcoin‘s recent price surge has significantly improved trader sentiment, reaching levels not seen in 16 months.
According to data tracking social media mentions, there’s been a notable shift towards more positive comments about Bitcoin.
“Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month,” stated Santiment in a July 27 X post.
At that time, Bitcoin was trading at $67,708, up 6.22% since July 25, according to CoinMarketCap.
Santiment highlighted that its weighted sentiment index, which measures Bitcoin mentions on X and the ratio of positive to negative comments, has reached a “16-month high positive sentiment.”
They noted, “The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars.”
This surge in positive sentiment coincides with rising anticipation for former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.
Trump emphasized his vision of making the U.S. the “crypto capital of the world.” He also predicted that Bitcoin could one day surpass gold, saying,
“Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.”
Following Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing the establishment of a “strategic Bitcoin reserve.”
This proposal suggests that the U.S. government purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear & Greed Index reflected this optimism, showing a “Greed” score of 71, an increase of 24 points since June 28.
Just a month ago, in June, the sentiment was starkly different.
The weighted sentiment index had indicated a surge in negative comments as Bitcoin’s price hovered around $65,000, down 4% on June 21. Santiment noted, “This extended level of FUD [fear, uncertainty, and doubt] is rare, as traders continue to capitulate,” highlighting the crowd’s fear or disinterest as prices ranged between $65K and $66K.
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Senator Cynthia Lummis has introduced a bill proposing the establishment of a “strategic Bitcoin reserve” by the U.S. government, which would involve purchasing 5% of the world’s Bitcoin supply to be held for at least 20 years.
“It can be used for one purpose, to reduce our debt,” Lummis stated during her keynote speech at the Bitcoin 2024 conference on July 27 in Nashville, Tennessee.
The plan, if enacted, would unfold over five years, with the government acquiring approximately one million Bitcoin, representing 5% of the total supply of 21 million Bitcoin.
At the time of publication, Bitcoin was valued at $68,105, meaning the cost of purchasing one million Bitcoin would be around $68.1 billion, based on CoinMarketCap data.
“This Bitcoin Reserve that we are going to create will start with the 210,000 Bitcoin that President Trump just mentioned and pull it into a reserve, stored in geographically diverse vaults, and that’s only the beginning,” Lummis explained.
She emphasized a shift in the nature of assets held by the government, saying, “We have the money now, but we will no longer be holding it in US dollars and assets that are designed to debase at least 2% per year, we’ll be holding it in an asset that will grow in value.”
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Lummis, a prominent advocate in the crypto space, received enthusiastic support from the conference attendees, concluding her speech with, “This is the solution, this is the answer, this is our Louisiana purchase moment. Thank you, Bitcoin!”
Her proposal came on the heels of a keynote address by former President Donald Trump, who declared his intention to position the U.S. as the “crypto capital of the world” if re-elected in November.
Lummis’s speech also followed her recent critique of President Joe Biden’s administration’s proposed 30% excise tax on the energy used by Bitcoin miners.
On July 23, she released a report titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” which outlined the advantages of Bitcoin mining infrastructure for the U.S. energy grid.
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Bitcoin’s price is showing signs of forming a bullish wedge pattern, remaining close to its 2021 all-time highs. Traders are eyeing a potential price target of $85,000.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” noted pseudonymous crypto trader Jelle in a July 26 post on X.
This pattern, characterized by a series of lower highs and lower lows that broaden over time, typically signals a potential upward trend reversal.
“Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000,” Jelle added.
This target is approximately 15% above Bitcoin’s current all-time high of $73,679, achieved in March.
As of now, Bitcoin is trading at $67,908, reflecting a 2.61% increase since July 26, according to data from CoinMarketCap.
A move to $85,000 would represent a roughly 25% increase, reminiscent of the price spike on July 21 when Bitcoin rebounded from $55,854 to $68,181.
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The next critical milestone for Bitcoin is $69,000, its all-time high from November 2021. Reaching this level would liquidate approximately $929.65 million in short positions, as per CoinGlass data.
“We are still in a larger range, and it is best to assume we can find resistance the closer we get to the $72,000 level,” stated pseudonymous crypto trader Emperor.
The recent market speculation follows reports that Bitcoin has recovered most of its losses since July 25, with traders closely monitoring former U.S. President Donald Trump’s anticipated appearance at the Bitcoin 2024 conference in Nashville, Tennessee.
“Nobody wants to short Bitcoin into the weekend,” wrote Markus Thielen, CEO of 10x Research, in a July 25 analyst note.
Thielen highlighted that there is speculation Trump might announce plans for a strategic Bitcoin reserve at the conference if elected president in November.
“Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen explained, indicating why many traders are hesitant to take short positions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The United States Securities and Exchange Commission (SEC) has approved Grayscale’s latest spot Bitcoin exchange-traded fund (ETF), named the Grayscale Bitcoin Mini Trust (BTC), for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.
This development was confirmed in a filing dated July 26.
This approval represents a significant achievement for Grayscale, which recently announced plans to partially spin off its primary Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
A Grayscale spokesperson expressed excitement over the SEC’s approval, stating, “Grayscale is excited to share that the [SEC] has approved NYES Arca’s Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC).”
The company awaits the registration statement’s effectiveness, which will enable the Mini Trust to operate as a U.S. spot Bitcoin ETP, alongside GBTC and other funds.
The Mini Trust offers a notably lower management fee of 0.15%, significantly less than the 1.5% annual fee charged by the GBTC fund.
On July 31, Grayscale will allocate 10% of the spot Bitcoin held by GTBC to the Mini Trust.
Current GBTC shareholders will receive shares in the Mini Trust proportional to their existing GBTC shares.
READ MORE: WazirX Suffers $235 Million Hack, Raising Concerns Over Cryptocurrency Security in India
This transition ensures that GBTC holders will maintain the same amount of spot BTC, but distributed across two separate funds.
Earlier this month, on July 8, Grayscale announced a similar initiative with its Grayscale Ethereum Trust (ETHE), where existing shareholders were granted shares in the newly established Grayscale Ethereum Mini Trust (ETH).
Both GBTC and ETHE funds are among the oldest spot Bitcoin and Ethereum funds in the U.S., having launched in 2013 and 2017, respectively.
The GBTC fund alone manages over $17 billion in assets.
An insider mentioned that this distribution method provides existing shareholders with a tax-advantaged way of transitioning from the legacy fund to the new ETF, potentially offering more flexibility and benefits.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
At the Bitcoin 2024 conference on July 26, Independent presidential candidate Robert F. Kennedy Jr. highlighted Bitcoin’s potential to strengthen the US economy and improve American life.
He outlined his plans to sign several executive orders immediately upon taking office.
One key order would direct the US Justice Department and US Marshals to transfer the government’s 204,000 Bitcoin holdings to the Federal Reserve, designating them as a “strategic asset.”
Additionally, Kennedy proposed that the Treasury Department purchase 500 Bitcoin daily until the reserve accumulates at least four million BTC.
He asserted that this move would establish the United States as a dominant global power, with the value of its Bitcoin reserve potentially reaching “hundreds of trillions of dollars.”
Kennedy also plans to make significant changes to tax regulations concerning Bitcoin. He would instruct the Internal Revenue Service (IRS) to classify all Bitcoin-to-dollar transactions as nonreportable and nontaxable.
Moreover, he aims to make Bitcoin eligible for exchange into real property under the 1031 Exchange program, which is designed to promote real estate investments.
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Emphasizing the importance of “transactional freedom,” Kennedy argued that Bitcoin could help restore the US economy to its state before the dollar was detached from the gold standard during President Nixon’s era.
He stated, “Fiat currency was invented to fund war. […] If the world was on a BTC standard, there would be no more war because you can’t print Bitcoin.”
Kennedy also expressed his intention to appoint Space Force Major Jason Lowery, known for his work on Bitcoin as a “cyber-defense system,” as a national security adviser.
Lowery has described Bitcoin as a form of “soft power projection” that can protect online identities in cyberspace.
To strengthen the dollar, Kennedy would back US Treasury bills, notes, and bonds with hard assets, including precious metals and Bitcoin, aiming to curb inflation and establish financial stability.
He predicted that these measures would lead to global support for a decentralized currency backed by the United States.
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Samson Mow, CEO of JAN3 and a prominent Bitcoin advocate, has proposed six transformative ideas for former President Donald Trump to consider before his upcoming speech at the Nashville Bitcoin Conference on January 27.
Mow’s proposals, shared on the social platform X, aim to integrate Bitcoin (BTC) into the US economy, positioning it as a key component of the nation’s financial strategy.
Mow’s first proposal suggests converting US debt to satoshis, the smallest unit of Bitcoin.
By pegging $1 to 1 satoshi, Mow believes this innovative approach could leverage Bitcoin’s decentralized nature and scarcity to stabilize and potentially reduce the national debt.
His second idea involves establishing a Lunar Bitcoin mining facility, tapping into the moon’s natural resources and low gravity to reduce costs and increase mining efficiency.
This project could place the US at the forefront of space-based cryptocurrency mining, encouraging international competition and innovation in the space industry.
In line with the libertarian ethos often associated with Bitcoin, Mow’s third proposal calls for the abolition of the Federal Reserve.
This radical move would shift the US toward a more decentralized financial system, potentially positioning Bitcoin as a central pillar.
Mow’s fourth proposal involves inflation reparations using Bitcoin.
He suggests compensating citizens for the loss of purchasing power due to inflation with Bitcoin, a currency often seen as a hedge against inflation because of its limited supply.
This approach could provide a more stable and reliable form of compensation.
Additionally, Mow proposes making Bitcoin transactions and holdings untaxable to encourage widespread adoption and integration into the mainstream economy.
This could significantly boost Bitcoin’s role in daily transactions and long-term investments.
Finally, Mow suggests creating a strategic Bitcoin reserve, akin to a proposal by Independent presidential candidate Robert F. Kennedy Jr., to transfer the US government’s 204,000 Bitcoin holdings to the Federal Reserve as a “strategic asset.”
Trump’s upcoming speech at the Nashville Bitcoin Conference is highly anticipated in the cryptocurrency community, as these proposals highlight potential avenues for integrating Bitcoin into the US economy.
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