The post Bitcoin’s Critical Moment: Will July 10th-11th Propel BTC Price to $67K or Crash to $48K? appeared first on Coinpedia Fintech News
Bitcoin’s (BTC) price has rebounded from the recent selloff in the past three days. During the early European session, the flagship coin pumped more than 3 percent in the past 24 hours to hover around $59,200 on Wednesday. As a result, the altcoin industry registered similar gains led by Avalanche (AVAX), Cardano (ADA), and Polkadot.
Increased Crypto Fear
The sudden Bitcoin pump did not surprise most investors, compared to the recent capitulation. Around $106 million was liquidated from the entire crypto derivatives market compared to the $700 million during the recent capitulation.
According to Bitcoin’s fear and greed index, the crypto industry has been experiencing its highest level of fear since January 2023.
Whales on the Move
The recent Bitcoin dip towards $54k triggered by the ongoing sell-offs by the German government and the Mt.Gox repayments have been a buying opportunity for some.
According to on-chain data, a single whale purchased around 10k BTCs on Tuesday, thus joining other whale traders in accumulation. In the past three days, the US-based spot Bitcoin ETFs have registered a total cash inflow of over $650 million.
What Next?
Bitcoin price has rebounded above the crucial support/resistance level of around $59k ahead of tomorrow’s US CPI data. Tomorrow’s economic data will clarify whether the Fed will initiate the much-anticipated interest rate cuts later this year.
According to popular crypto analyst Justin Bennett, traders should closely monitor how the flagship coin performs between $58k and $60k. Furthermore, a solid close above $60k will yield a rally towards $67k, while the opposite will lead to a further market correction towards $48k.
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