Specialist RBC Crypto I analyzed the situation in the market and appreciated the prospects for the movement of the Bitcoin course for the next seven days.
“Nothing prevents price from going up”
Gis Mining General Vasily Girya
In the week from July 15 to July 19, the Bitcoin exchange rate rose to a new historical record, for the first time exceeding $ 120,000. By Sunday, the price was stabilized in the region of $ 118,000. The increase was supported by several factors at once – from progress in regulation to strengthening institutional demand and expanding the use of cryptocurrencies at a global level.
One of the key drivers of the week was Crypto Week in the US Congress. The House of Representatives examined all three key bills-Genius (on the regulation of stablecoins), Clarity ACT (Crypton Structure) and Anti-CBDC. The bills strengthen legal certainty for digital assets, simplifying access to them for funds, banks and large investors.
The results of the “cryptoned”, in fact, are expected. But they open the road to the qualitatively new use of digital assets, removing previous legislative restrictions. This factor can be safely added to the list of fundamental drivers for bitcoin and other cryptocurrencies. The altcoin season also began for a reason.
At the corporate level, interest in investment in crypto actes remained in force. The influx of fresh money in altcoins will support the entire segment.
Strong macroeconomic data in the United States, including the growth of retail sales and a decrease in the number of unemployment benefits, reduced the expectations of a quick softening of the Fed’s policy, but interest in bitcoin as an alternative asset is still pronounced.
Against the background of global demand for cryptocurrency, investors’ attention is also preserved to the Russian mining industry. Affordable electricity and support at the regional level allow local players to remain competitive, despite external restrictions.
The stability of bitcoin is above $ 115,000, an increase in interest from large players and progress in the legislation form the conditions for continuing the ascending trend. The key triggers this week will be news from the Fed and Macroestastic from the USA. According to GIS Mining, the technical goal of bitcoin is $ 130,000-134,000.
How soon a high target on BTC will be reached, an open question. From the point of view of technical factors, nothing prevents the price. However, after the wave of this week, investors may take time to re -accelerate. The market is “bullish”, and it is very strong.
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Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
