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Bitcoin Analysis - 1Jul24
Price: $63,342 (up 1.03%)
TLDR: Bitcoin is likely to experience a stable market this month.
Basic Technicals: Testing resistance at $63k. Oversold RSI and MACD hinted at a bounce, it bounced, and is reaching overbought zone now with this lil price movement, indicating strong momentum.
Smart Money Concept: Tested Daily Significant Low (Low that was broken but also quickly bounced back "sweep" and became the low that engineered the Break of Structure), and now bounced up.
Whale Activity: Increased accumulation by wallets holding more than 1,000 BTC, indicating confidence among large holders.
High Mining Difficulty: With mining difficulty and hash rate at all-time highs, miners are under pressure. If Bitcoin prices do not rise significantly, miners might need to offload some of their holdings to cover operational costs
Overall, Most seem positive, so I wouldn't expect a huge price drop. Expect a stable market with episodes of volatility influenced by key market participants 0 reply
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