In a recent report, JPMorgan announced that a new Bitcoin rally is expected in August. The analysts of the renowned bank are optimistic that the recent phase of correction will soon come to an end and the market can recover. Despite the recent significant setbacks, the banking giant sees light at the end of the tunnel.
The world’s biggest cryptocurrency was nursing a 15% slump over the past month, and remained on the cusp of a bear market as fears of increased token supplies battered markets.
Bitcoin price rose on Wednesday, recovering further from recent losses as bargain hunters took advantage of recent price declines, although sentiment remained negative in the face of increased supply due to Mt Gox and the German government.
Bitcoin slid as low as $53,000 last week after the trustees of Mt Gox said they had begun distributing tokens stolen during a 2014 hack, although they did not specify what the overall value of the distribution would be.
The impact on BCH liquidity was evident, as price slippage for a simulated $100,000 sell order reached its highest level in over a month across most exchanges. This indicated worsening liquidity due to insufficient order book depth for large market orders. The highest slippage was observed on Itbit and Bybit. On July 5, BCH slippage…
Binance exchange has once again conducted the periodic purging of its system through specific token delisting. As showcased in its latest announcement, the latest trading pairs to leave the platform primarily feature Bitcoin.
The next major support level, which is around $55,000, may be reached if the price is unable to gather momentum and breaks below the 200 EMA at $58,260. Bitcoin needs to maintain above the 200 EMA and gain upward momentum in order to have a more optimistic outlook.
Bitcoin fell 4% in the past 24 hours to $60,339.1 by 08:20 ET (12:20 GMT). The world’s biggest cryptocurrency was nursing steep losses through June and remained squarely within a trading range established since March.
Bitcoin climbed 0.1% in the past 24 hours to $62,736.2 by 08:28 ET (12:28 GMT). The world’s biggest cryptocurrency was nursing steep losses through June, and remained within a trading range of $60,000 to $70,000 seen through most of the second quarter.
Bitcoin rose 4% in the past 24 hours to $63,259.0 by 00:57 ET (04:57 GMT). The token also took some support from weakness in the dollar, with the greenback losing some 0.2% on Monday.
