Bitcoin Performance Overview: $64,000 Level in Focus Amidst Whale Activity and Fed Uncertainty

Bitcoin

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Has Also Written

• Bitcoin Price Prediction: $1.55 Billion Flooded In Last Week – Are Investors Preparing for a Global Meltdown?
• Bitcoin Price Prediction: The Exact Signal That Triggered a 370% Rally Is Flashing Again – Are You Ready? 
• Solana Price Prediction: $2.25B Volume, Coinbase Validator Boosts $140 Support Toward $151
• XRP Price Prediction: $1.28B ETF Inflows Offset Bearish Triangle Near $2.05
• Bitcoin Price Prediction: $1.42B ETF Surge Fuels Path Toward $100.5K

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

August 2, 2024

Bitcoin’s recent price movements have sparked renewed interest in Bitcoin price predictions.

After dropping to a low of $62,000 due to substantial long liquidations, Bitcoin has rebounded, trading above $64,000.

The cryptocurrency’s recent decline of over 10% within 72 hours was driven by heightened selling pressure and market volatility following its peak at $70,000.

As Bitcoin stabilizes around $64,176, traders and analysts are closely watching for potential shifts in momentum and future price predictions amidst ongoing market developments.

Bitcoin’s Volatility Drops as Whales Buy Amidst $2.5 Billion Long Liquidation

Bitcoin’s implied volatility has dropped significantly, indicating market uncertainty. The cryptocurrency recently fell below $63,000, resulting in $2.5 billion in liquidated long positions. Bitcoin is currently trading around $64,000 with notable volatility, as 37,000 options are set to expire today, August 2. These options have a put-call ratio of 0.58 and a Maxpain point of $66,000, with a notional value of $2.4 billion.

Despite the recent market downturn and declining volatility, some Bitcoin whales are buying the dips, with one acquiring 4,600 BTC. The crypto market faces uncertainty after the Federal Reserve’s decision to keep rates unchanged, while stock markets also struggle. This has led to speculation about significant price movements following a potential Fed rate cut in September.

Key Points:

• Bitcoin options expiring today may impact volatility.
• Long liquidations totalled $2.5 billion amid the recent price drop.
• Whales continue to accumulate Bitcoin despite market uncertainty.

In summary, Bitcoin’s volatility drop, combined with significant liquidations and whale activity, indicates potential price swings as markets await the Fed’s next move in September.

MicroStrategy’s Q2 Losses and Bitcoin Strategy: Impact on BTC Price

MicroStrategy reported significant losses for Q2, with earnings per share falling to $5.74 and revenue at $111.4 million, missing analyst expectations. Despite this, the company expanded its Bitcoin holdings, purchasing 12,222 BTC for $805 million, bringing its total to 226,500 BTC valued at $14.7 billion. The firm’s net loss slightly improved to $123 million from $137 million last year.

MicroStrategy introduced a new metric, “Bitcoin Yield,” measuring the return on its Bitcoin investments, currently 12.2%. The company plans a 10:1 stock split on August 7 and aims to raise $2 billion through an equity offering, possibly to acquire more Bitcoin. After the earnings report, MicroStrategy’s shares fell 6% but recovered by 1.1% in after-hours trading.

• MicroStrategy’s 12,222 BTC purchase for $805M could affect Bitcoin’s price.
• Equity offerings and stock drops may cause short-term market volatility.
• Bitcoin Yield was introduced, reflecting a 12.2% return on investments.

Bitcoin Price Prediction

Bitcoin (BTC/USD) current price of $64,176 reflects a decline of 1.22%, maintaining its position within a bearish trend.

The pivot point stands at $63,405, acting as a crucial marker for potential market reversals.

Immediate resistance is at $65,380, with subsequent resistance levels at $66,388 and $67,514.

On the downside, immediate support is located at $62,260, followed by $61,418 and $60,237.

The Relative Strength Index (RSI) at 41 indicates bearish sentiment, complemented by the 50-day Exponential Moving Average (EMA) of $65,948, which suggests selling pressure may persist.

Bitcoin’s outlook remains bearish, below $63,405, with any break above this level potentially indicating a shift towards bullish momentum.

You might also like

Bitcoin Price Prediction 2024 – 2034

Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon

Within just three days of its launch, Meme Games ($MGMES) has raised around $315k, indicating strong investor interest. Priced at $0.00915 per token, $MGMES is already generating significant excitement.

As meme coins continue to capture the crypto market’s imagination, Meme Games promises to be a standout contender.

Join the Meme Games – Competitive Spirit

Inspired by the Olympics, Meme Games features virtual competitions among top meme coins. Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster compete in various events, with participants earning $MGMES tokens as rewards.

To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.009 per token will soon increase, so act quickly to take advantage of this opportunity.

Presale and Future Prospects

Meme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.

The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.

Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.009 each before the price increases.

Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.

Buy Memegames Here