In this video I break down the current Bitcoin price analysis and discuss whether the expected July bounce has finally arrived. I examine the Elliott Wave patterns to determine if we are seeing a corrective wave two rally or if there is still potential for one final lower low before the market stabilizes. Video by More Crypto Online.
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Bitcoin (BTC) is trading at approximately $61,500 to $62,000, rebounding sharply by over 7% from its recent 21-month low of $57,750. The market is displaying strong signs of recovery to kick off a historically "green July" following its worst June performance in four years.
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Bitcoin Insights Today
-Weak US Jobs Data: The June Nonfarm Payrolls reported only 57,000 new jobs against a forecasted 110,000. This weak economic data slashed the likelihood of an upcoming Federal Reserve rate hike, pushing a dovish shift that immediately lifted risk assets like Bitcoin.
-Macro Policy Optimism: The jobs report built on earlier momentum fueled by Fed Chair Kevin Warsh's comments noting that inflation risks have started to ease.
-Capital Rotation from Tech/AI: Massive AI infrastructure and memory chip stocks are losing steam. Investor capital appears to be trickling back into Bitcoin after it tapped a macro cycle bottom.
-Whale Accumulation: Large crypto holders ("whales") absorbed structural selling pressure by accumulating over 270,000 BTC (~$16.7 billion) in the last two weeks, a classic signal of market cycle lows.
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