Bitcoin turned down from $70,000, a sign that bears are fiercely defending the overhead resistance, but the price whipsaws are having limited impact on altcoins.
Bitcoin (BTC) turned down from $70,000 on July 29, indicating that the bears are defending the zone between $70,000 and $73,777. However, the traders do not seem to be worried about Bitcoin hitting a new all-time high. Santiment said that a survey it conducted on X revealed that the majority of the participants expect Bitcoin to hit a new all-time high by October.
Investors have been buying Bitcoin, anticipating a breakout from the sideways price action. According to the latest CoinShares report, Bitcoin witnessed healthy inflows of $519 million last week. That takes the July inflows to $3.6 billion and the year-to-date inflows to $19 billion. The firm believes that talks of Bitcoin becoming a strategic reserve asset in the United States and a likely September Federal Reserve rate cut may have boosted confidence.
Another bullish voice was that of Global Macro Investor founder and CEO Raoul Pal who said in a X post that macro conditions are improving, which should start a rally in Bitcoin. He expects the rally to “ last at least for the rest of 2024 and into 2025.”
