Traders say Bitcoin will benefit from the proposed $5 trillion increase to the US debt ceiling, but data could suggest otherwise.
Bitcoin’s onchain and technical data suggest that the upside is not over for BTC price.
Bitcoin’s bullish outlook strengthens as the US dollar drops 10.8% in its worst H1 performance since 1973.
A move to $116,000 represents a 6.45% jump from Bitcoin’s price at the time of publication.
Figma has filed to go public in the US, disclosing it holds $69.5 million worth of Bitcoin ETFs and has $30 million in USDC ready to purchase Bitcoin.
Glassnode said Bitcoin’s current price “is not compelling enough for investors to continue selling” as unrealized profits hit $1.2 trillion.
Phishing attacks account for the highest number of security incidents so far this year at 132, but wallet hacks stole the most at $1.7 billion.
Despite Bitcoin’s recent price wobble and the start of the third quarter — historically its weakest — crypto market sentiment remains strong.
A revisit to the $100,000 level seems likely now that BTC price slipped below two key support levels.
Bitcoin selling intensified this week, but data shows an assortment of buyers absorbing the flow.