BTC Surges to $62.3K Peak in Nine Days Following Record-Breaking Global Equity Performance
Bitcoin reached its highest point in July following record-breaking performances by the Dow Jones and worldwide equities market capitalization ahead of the Independence Day holiday in the United States.
Bitcoin (BTC) achieved fresh July peaks on Friday as bullish momentum persisted throughout the US holiday weekend.
Key points:
- Bitcoin maintains bullish trajectory as BTC price movement approaches its 200-week moving average level.
- This particular trend line currently represents the focal point of a "strong resistance area."
- Worldwide equity markets reached unprecedented levels as Federal Reserve rate-hike probabilities declined following disappointing employment figures.
Bitcoin purchasers "chasing" as BTC price approaches critical trend line
Information from TradingView revealed BTC/USD hitting $62,295 on Bitstamp, marking its peak level since June 24.
American markets remained shuttered for the Independence Day holiday celebration, with the Dow Jones having finished at unprecedented highs the previous trading session. According to observations from trading resource The Kobeissi Letter, the worldwide stock market capitalization similarly reached fresh all-time peaks.
"Global equities are in the midst of one of the most powerful rallies in history," it wrote in a post on X.
Providing commentary on the most recent BTC price movement, X commentator Exitpump observed "controlled slow buying" across exchanges.
"Looks good for continuation higher, although keeping in mind 62K - 62.5K as a strong resistance area," they told X followers.
Trader Daan Crypto Trades concentrated on the 200-week simple moving average (SMA), presently positioned at $62,652, ahead of the weekly candle close.
"It is key for BTC now to hold this breakout and maintain its low timeframe bullish market structure," he commented, calling the current trading zone "important."
Fed rate-hike headwinds slowly cool
Following disappointing US nonfarm payrolls statistics, which contributed to fueling the cryptocurrency recovery, trading resource Mosaic Asset Company observed that projections for Federal Reserve monetary policy remained measured.
"The knee-jerk reaction from investors was to push stock index futures higher, signaling a regime where bad economic news is good for stocks due to the impact on the rate outlook," it wrote in its latest Mosaic Chart Alerts update.
Mosaic referenced interest-rate modifications from the Fed, with prospective hikes representing a challenge for cryptocurrency and risk-oriented assets.
The most recent statistics from CME Group's FedWatch Tool indicated approximately equal probabilities of a pause or hike at the Fed's September policy meeting, with rates remaining at present levels until that time.
"The reality is that the payrolls report reflects a 'Goldilocks' figure for the average stock, which isn't too cold to stoke growth fears and not too hot to pull additional rate hikes forward," it summarized about the jobs figures.