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⚡Bitcoin Eyes $120K in 2024🙌

Croxroad

09 Jul 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

💡 Bullish Bitcoin

With a bullish reversal over the weekends, the BTC price trend breaks below the confined bearish channel. The downfall in the biggest crypto breaks under the $60K zone and tests the 200D EMA. With buyers losing dominance at the $60K support, the BTC price trades at $57,632. If the bullish dominance restarts the uptrend momentum, the Bitcoin market price can reach the $77,842 mark by the end of this month. On the flip side, $52,000 and $50,000 are crucial areas of support.

The derivatives market shows short positions dominating with a funding rate of -0.00051552. The taker buy-sell ratio indicates a stronger buying sentiment, with 0.522 buys against 0.478 sells. Open interest stands at 14.95 billion, down 11.84% over the past week, suggesting many investors are closing futures positions, which could lead to trend reversals. Notably, 51.69 million in short positions were liquidated in the last 24 hours, compared to 5.94 million in long positions, indicating significant market volatility.

After the fourth Bitcoin Halving, the BTC price trend has gradually gained bullish momentum. Historical patterns suggest that Bitcoin is poised for significant growth, potentially hitting the $100,000 mark. Throughout Q1 and Q2 of 2024, Bitcoin has experienced a robust bull run, with buyers confidently taking bullish positions. The uptrend has peaked at $72,000, maintaining dominance at lower levels, which could further accelerate the bull run. Additionally, the rising hopes for interest rate cuts in the US market and the coming presidential elections are expected to bolster BTC’s price uptrend.

🇩🇪 Germany Intensifies Bitcoin Sales

The German government recently intensified its bitcoin sell-off by transferring approximately $75 million to exchanges like Coinbase, Kraken, and Bitstamp. This was part of a larger strategy, with $315 million in bitcoin sold since mid-June, bringing the total sales to over $390 million in less than a month. The German Federal Criminal Police Office continues to sell bitcoin, signalling a potential plan to liquidate portions of its reserves. Despite market concerns, the transferred amounts represent a small share of Germany's holdings, leaving 40,359 bitcoins still in reserve.

In a surprising reversal, the German government recently moved back 1,915 bitcoin worth $111.5 million. This follows weeks of large-scale bitcoin sales that had stirred market volatility. This reversal has sparked more questions and skepticism. Joana Cotar, an independent Member of Parliament, expressed frustration and concerns over the lack of a coherent strategy. She noted, "I can only speculate as to why the government is selling right now. As we have massive budget shortfalls in Germany at the moment, that could be one of the reasons. The upcoming elections may also play a role." Cotar highlighted the government's apparent ignorance of the potential effects of its actions, adding, "I'm not at all sure whether the government was or is aware of the consequences of its sales. It also doesn't seem to have known that such sales are not necessarily carried out via stock exchanges, but rather OTC."

While Germany sells its bitcoin, Wall Street is seizing the chance to buy the dip. Cotar reflected, "It is really frustrating to have to watch politicians who have no idea about the matter squander a great opportunity." The ongoing bitcoin sales by the German government are being closely watched, with analysts predicting short-term market volatility. The strategic implications of these actions, both for Germany's financial future and the broader cryptocurrency market, remain a critical area of debate. Germany's bitcoin sales highlight the need for a well-defined strategy in managing digital assets, balancing immediate financial needs with long-term opportunities. As the situation unfolds, the bitcoin market will observe how these large-scale government sales impact it and whether other nations will adopt similar strategies.

💰 Does Bitcoin Mining Actually Pay?

Bitcoin mining can be profitable if you contribute enough hashing power to a mining pool, allowing you to receive larger rewards. However, if you're solo mining at home on your computer, the chances of earning significant rewards are very low, and you may never receive any rewards at all. Joining a mining pool increases the likelihood of profitability.

🤣 Crox Road Memes

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