Bitcoin

Rekt (rektarb.xyz)

Rekt

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-discuss-bitcoin-price-movements-and-market-reactions/" data-wpel-link="internal">Analysts Discuss Bitcoin Price Movements and Market Reactions</a> 
BTC price briefly hit $58,000 with the US market opening but couldn’t sustain it, now at $57,700. The prolonged weakness has normalized lower levels for altcoins, making the recovery process potentially painful. What do experts say about the current outlook for cryptocurrencies following the PPI data? Will the rise begin? 
<h2 style="text-align: justify" id="ppi-and-btc">PPI and BTC</h2> 
The annual PPI was announced at 2.6% despite the 2.3% expectation. This development, which we reported as <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">breaking news</a>, was negative for cryptocurrencies. Despite the June inflation data indicating a decline, the Fed’s cautious stance might be understandable for this reason. The US Bureau of Labor Statistics stated: 
<blockquote> 
 “On an unadjusted basis, the index increased by 2.6% for the 12 months ending in June, marking the largest increase since the 2.7% rise for the 12 months ending in March 2023.” 
</blockquote> 
Popular <a href="https://en.coin-turk.com/altcoins-experience-a-new-rise-as-btc-nears-69000/" data-wpel-link="internal">crypto analyst</a> Skew wrote the following in light of the latest data: 
<blockquote> 
 “So overall PPI, while not higher due to high prices and supply shortages, remains sticky on an annual basis. Rising energy, food, and service prices are not a good outlook. The initial reaction was DXY and Yields rising before falling, indicating to me that the market expects a harsh reality as demand continues to drop. NQ &amp; ES are likely recovering here with hedges exiting. End-of-day performance will be important.” 
</blockquote> 
However, the analyst also noted that the BTC order book on Binance is strong, indicating liquidity is positioned to prevent lower levels. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-370217 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-emir-defteri-.png" alt="" width="1459" height="818"> 
<h2 style="text-align: justify" id="btc-price-target">BTC Price Target</h2> 
Crypto analyst Rekt Capital clearly stated that the daily close needs to be at $58,350 or above. Due to BTC’s prolonged low-level closes, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are bold in selling near $60,000, fearing deeper dips. 
<blockquote> 
 “Bitcoin has the necessary recovery, and the price is currently challenging the Lower High resistance again. For Bitcoin to break the Lower High resistance and, more importantly, rise to $60,600 (blue), it needs to close above $58,350 (black) on a daily basis.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-370218 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/rekt-capital-12-temmuz-yorum.png" alt="" width="1147" height="762"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-discuss-bitcoin-price-movements-and-market-reactions/" data-wpel-link="internal">Analysts Discuss Bitcoin Price Movements and Market Reactions</a></h5>

Analysts Discuss Bitcoin Price Movements and Market Reactions

Table of Contents

COINTURK NEWS

Other articles published on Jul 12, 2024

Cardano (ADA) Climbs to Weekly High, Poised For More Upside

How Law Enforcement Grapples with Advanced Crypto Laundering – Can They Catch Up?

The Rise of Bitcoin Payment Processing

Last of Germany’s Bitcoin Sell Off Could Usher the End of the BTC FUD Dumping, Bull Run Awakens

US SEC Ends Investigation into Stacks Blockchain Developer Hiro Systems

Kraken Executive Says Ethereum ETFs Can Amass $1 Billion Monthly

Join our free newsletter for daily crypto updates!