Bitcoin to face additional selling pressure from Mt. Gox ❓️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 🙏 

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a sign of strength.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim $67,500.

• Until the prices shoot up above this level, we are in a phase of consolidation.

• From a longer term perspective, once the price surges above $67,500 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

Mt.Gox To Reimburse Creditors within 14 days ❗️ 

Following the German government's sale of 50,000 BTC, additional selling pressure is yet again anticipated for Bitcoin.

Earlier today, Mt. Gox transferred approximately 92,000 BTC, valued at $5.8 billion, to 4 unnamed addresses.

Kraken has confirmed receipt of some of these of funds (BTC and BCH), and will distribute them to affected users within 7-14 days. Official emails have been sent to notify the affected users.

Other exchanges, including SBI VC Trade and Bitbank, are also handling Mt. Gox repayments. The Trustee has confirmed that repayments have been made to designated exchanges for distribution to over 13,000 creditors so far.

The Mt. Gox wallet still holds nearly 139,000 coins worth over $8.7 billion despite these transfers.

Gold Hits A New All-Time-High

Gold prices jumped more than 1% to a record high today, surpassing it’s previous all-time-high of $2,450. At the time of writing, Gold is currently trading at $2,460.

The rise came as Federal Reserve officials cemented expectations of a U.S. interest rate cut in September. The market is getting locked in for a rate cut in September by the US FED, currently at a 91.6% probability.

FED Chair Jerome Powell said that the last 3 inflation readings have added confidence that inflation is falling. CPI for the month of June came in at 3%, which was 0.1% lower than what the market had priced in.

Lower U.S. interest rates put pressure on the dollar and bond yields, which increases the appeal of Gold. It’s price has risen more than 19% so far this year, after a 13% rise in 2023.

📕 Educational

Bitcoin, Donald Trump & The Upcoming Tailwinds From USA 📈 

An Overview 👇

👉️ Despite a recent assassination attempt, Donald Trump will speak at the Bitcoin Conference in Nashville. His stance on Bitcoin has significantly shifted this year, with his election odds now 72% on Polymarket. He has been vocal about promising to protect self-custody rights, support Bitcoin mining in the USA, and was also accepting crypto donations for his campaigns.

👉️ Trump has chosen pro-Bitcoin J.D. Vance as his Vice President. The Senator from Ohio held between $100,000 and $250,000 in Bitcoin in 2022. This further cements his Pro-Bitcoin stance.

👉️ Larry Fink, the CEO of BlackRock mentioned live in an interview that he was a proud sceptic of Bitcoin but studied it and came to the conclusion his opinion was wrong.

He not only compared Bitcoin to digital gold, but also affirmed his belief in Bitcoin being a hedge against governments minting more money and devaluing their own currencies. In his opinion, Bitcoin is a legitimate financial instrument.

The character arc of Larry Fink has been nothing short of epic

• 2018: Vocally criticized Bitcoin & crypto

• 2022: Lost $24 million in FTX

• 2023: Filed for Spot Bitcoin ETF

• 2024 : Turned Pro-Bitcoin

👉️ The SEC has dropped its multi-year investigations on tier 1 projects like Ethereum, Stacks, BNB, Paxos etc, providing hope for a bright future for decentralized technologies for Bitcoin and the next-generation internet moving forward in the USA.

👉️ Michael Dell, the Founder & CEO of Dell Technologies, is increasingly interested in Bitcoin. Over the past month, he has been actively reposting about Bitcoin on X and engaging in conversations with Michael Saylor. Dell Technologies has over $8.6 billion in cash, and even a small investment in Bitcoin could have a significant impact on its price, encouraging other major companies to follow suit.

👉️ All of these are possible bullish catalysts for Bitcoin, which could fuel the next rally of the bull market, potentially taking the price of Bitcoin beyond $100,000 in the medium to long-term.

Source : Asva Capital

📊 Stat

📈 Chart of the day

• Rationale :

• 100 day consolidation breakout to new all-time-highs.

• Good volumes on breakout.

• 1H RSI tagged green, showing strength in momentum

• 4H & Daily RSI still have plenty upside remaining

• If the daily candle closes above $2,450, that could trigger a fresh rally.

• Alternatively, waiting for a re-test of the resistance on the 1H or 4H timeframes is also another viable entry, although the re-test may not happen for many days or weeks.

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

So True 🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy Hodling, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.