Bitcoin

Rekt (rektarb.xyz)

Rekt

Bitcoin has managed to record some price gains in the last week following a brutal market sell-off at the start of July which saw the crypto market leader lose 10% of its price on July 5.&nbsp; At the moment, analysts continue to roll out observations and predictions that suggest that Bitcoin may soon pull off a market rebound and perhaps eventually embark on a highly-expected bull run. 
<h2 id="strong-bitcoin-s-rare-underperformance-hints-at-possible-bullish-rebound-strong">Bitcoin’s ‘Rare’ Underperformance Hints At Possible Bullish Rebound&nbsp;</h2> 
In <a href="https://x.com/santimentfeed/status/1811788279161000184" target="_blank" rel="noopener nofollow">an X post on Friday</a>, prominent blockchain analytics company Santiment provided some intriguing insights into Bitcoin’s recent price behavior.&nbsp;Santiment stated Bitcoin is largely behind the S&amp;P 500 and other equities in relation to price performance, a development which they described as a “rare sight” over the last three years. 
&nbsp; 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Despite a mild recovery to end the week, Bitcoin's recent dip came as the S&amp;P 500 and equities continued to flourish. This has been a rare sight for the past 3 years, with most of crypto's runs coming in tandem. BTC lagging behind suggests an eventual bullish catch up period. <a href="https://t.co/q4FnwmZMpK" rel="nofollow">pic.twitter.com/q4FnwmZMpK</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1811788279161000184?ref_src=twsrc%5Etfw" rel="nofollow">July 12, 2024</a>
</blockquote> 
As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market <a href="https://www.newsbtc.com/bitcoin-news/germany-liquidates-over-90-of-bitcoin-holdings-retains-only-284-million/" target="_blank" rel="noopener ">sell-off mainly by the German Government</a> who have now completely offloaded their total BTC holdings valued at $2.9 billion.&nbsp; 
Furthermore, the defunct crypto exchange Mt. Gox which collapsed in 2014, finally began the repayment of a $9 billion debt to creditors in BTC and BCH, the majority of which were expected to be sold, thus a <a href="https://www.newsbtc.com/bitcoin-news/massive-sell-off-mt-gox-bitcoin-payout-fears-wipes-out-170-billion-from-crypto-market/" target="_blank" rel="noopener ">prompting massive selling pressure. </a>While Bitcoin showed some resilience this week gaining by 2.88%, the premier cryptocurrency still trails the positive price performance of the equities market on a larger timeframe. 
For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&amp;P 500 has recorded a 5.4% gain within that same period.&nbsp;However, as this development has been a rare occurrence in the last three years as both assets usually moved in tandem, Santiment suggests Bitcoin may experience a “bullish catch-up period.” 
<h2 id="strong-bitcoin-to-challenge-1-5-month-downtrend-strong">Bitcoin To Challenge 1.5-Month Downtrend</h2> 
In other news, crypto analyst Rekt Capital has <a href="https://x.com/rektcapital/status/1811803607966040183" target="_blank" rel="noopener nofollow">noted</a> that Bitcoin is currently battling to end a downtrend stretching over the last one-and-a-half month. During this period the premier cryptocurrency has lost over 18% of its price. 
According to Rekt Capital, Bitcoin has attempted to break out of this downtrend multiple times including three times in the last three days. If Bitcoin eventually pulls a trend reversal, the market leader may be set for full price recovery reaching as high as $71,000. 
At the time of writing Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">trades</a> at $58,170 with a 1.69% gain in the last day. However, this mild price pales in comparison to the comparison which has surged by 30.81% to a price of $5,615 in the last 24 hours. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/gm93Uffl/" alt="Bitcoin" width="1480" height="893"> 
&nbsp;Featured image from The Economic Times, chart from Tradingview.com

Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up

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