In this video I break down the latest Bitcoin price action as we continue to track the corrective rally into key resistance levels. I analyze the current microstructure and Elliott Wave patterns to determine if this momentum is a sustainable breakout or a potential trap typical of bear market cycles. Video by More Crypto Online.
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Bitcoin (BTC) is currently trading at approximately $64,806, staging a sharp intraday recovery of over 4% after a cooler-than-expected U.S. inflation report sparked a broad crypto rally. Earlier in the day, the asset had dipped to a low near $62,259 due to severe macroeconomic and geopolitical headwinds.
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Bitcoin Insights Today
-MU.S. CPI Spark: The June Consumer Price Index (CPI) report recorded a larger-than-expected inflation slowdown, prompting an immediate surge from morning lows toward the $64,800 resistance mark.
-Geopolitical Flares: Escalating military tensions between the U.S. and Iran in the Strait of Hormuz drove oil prices to a four-week high, stoking early-session market de-risking.
-Hawkish Fed Fears: Prior to the CPI data, traders aggressively increased bets on a potential July interest rate hike, compounding short-term pressure.
-Government Wallet Actions: Arkham on-chain metrics revealed the U.S. government shifted $288 million of seized crypto onto Coinbase Prime, fueling supply liquidation anxiety.
-Holder Supply Rotation: Long-term holders are steadily transferring supply to newer buyers. The RHODL ratio sits at 6.5, showing healthy five-month macro consolidation.
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