Bitcoin Breaks $65,000 Mark, What’s Next?
Last night, Bitcoin successfully broke the $65,000 mark, inching closer to a descending trend line that it hasn’t breached in six months. On the US stock market front, boosted by better-than-expected second-quarter GDP growth and a decrease in initial jobless claims last week, all four major indices saw gains.
Bitcoin Surpasses $65,000 Mark
Bitcoin broke the $65,000 barrier around 11:00 PM last night, reaching a peak of $65,831 at midnight, marking its highest price since August 2. While buying pressure weakened briefly in the early morning, dropping below $65,000, it rebounded later and was trading at $65,121 at the time of writing, showing a 3.22% increase in the past 24 hours.
Predictions suggest that $66,500 to $67,000 could pose as resistance for Bitcoin’s price, but the trading volume hasn’t significantly increased. This may lead to a period of consolidation around this price level.
It remains to be seen whether Bitcoin will retest after a false breakout below the descending trend line or continue with a strong upward momentum. As for Ethereum, its performance has been relatively weaker, peaking at $2,666 last night before a continuous decline to $2,634 at the time of publication, with a 2.13% increase in the past 24 hours.
Market Data Highlights
According to Coinglass data, over the past 24 hours, the total liquidation volume across crypto contracts reached $143 million, with short liquidations accounting for $95.65 million, affecting over 60,000 individuals.
US Market Trends
Benefitting from robust economic data released last night, the US reported a 3% GDP growth rate for the second quarter, surpassing economists’ average expectations of 2.9%. Additionally, the initial jobless claims dropped to 218,000, reducing by 4,000 from the previous week and marking the lowest in four months.
On the stock market front, all four major US indices saw gains on the 26th: Two rate cuts by the Fed – How will this impact the crypto market? Is Bitcoin set for another major surge?
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- Ethereum Shows Relative Weakness, with a near $134 million liquidation volume across the network in the last 24 hours
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