Bitcoin Analysis Blog (15th July 2024)

As of July 15, 2024, Bitcoin (BTC) is trading at approximately $63,457.95, encountering significant resistance at the $63,500 level and the 100 EMA resistance level. This critical juncture could determine Bitcoin's short-term trajectory. If Bitcoin closes the daily candle above these levels and exhibits steady behavior, it could signal an upward movement. Conversely, failure to maintain these levels could reinforce them as formidable resistance.

Market Overview

Bitcoin has witnessed a notable 5.78% increase over the past day, positioning its market cap at $1,251,773,927,926. This surge has resulted in a 58.14% rise in 24-hour trading volume, reaching $33,979,473,579. With a circulating supply of 19,726,037 BTC out of a maximum supply of 21,000,000 BTC, Bitcoin remains the leading cryptocurrency by market cap.

Price Performance and Historical Data

• 24h Low/High: $59,909.27 - $63,760.10
• All-time High: $73,750.07 (March 14, 2024)
• All-time Low: $0.04865 (July 15, 2010)

Bitcoin's recent rebound to $63,000 after weeks of decline indicates potential bullish sentiment. If the price can break and sustain above the $63,500 resistance level, it may pave the way for further gains. However, failure to do so might see a retest of lower support levels.

Technical Analysis

Bitcoin's approach to the $63,500 resistance level and the 100 EMA is a pivotal moment. Technical indicators suggest:

• Resistance Levels: $63,500, $64,000
• Support Levels: $61,000, $60,000
• Indicators: 100 EMA resistance