King Crypto Might Have A Chance To Reclaim $71.5K, Forecasts Analyst

Bitcoin, Ethereum Hold Steady, Dogecoin Rise as Biden Drops Out of Presidential Race: Crypto King May Have Chance to Reclaim $71,500, Analyst Forecasts

Bitcoin and Ethereum strengthened, while Dogecoin surged after President Joe Biden announced that he was withdrawing from the 2024 presidential race.

Cryptocurrency

Earnings +/-

Price (Recorded at 9:15 p.m. EDT)

Bitcoin (CRYPTO: BTC)

+1.52%

$68,136.71

Ethereum (CRYPTO: ETH)

+0.83%

$3,540.81

Dogecoin (CRYPTO: DOGE)

+5.50%

$0.1397

What Happened: The world’s largest cryptocurrency, Bitcoin, was trading sideways until news of Biden’s withdrawal from the race broke, injecting positive volatility into the market. King Crypto recorded a weekly close above $68,000 and is up more than 10% for the week.

Ethereum traded in the $3,500 region, predicting bullish momentum as it awaits final approval from exchange-traded funds that track its spot price. Investment products are likely to go live this week.

In the last 24 hours, 56,837 investors were liquidated, total liquidity reached $165.54 million. More than $100 million of bullish bets were liquidated.

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Bitcoin’s Open Interest increased by 1.08% in the last 24 hours to $37.21 billion, completing the price rally. This is usually an indication of bullish sentiment.

The Crypto Fear & Greed Index signaled “Greed” at the time of writing, indicating a significant buying sentiment in the market.

Top Earners (24 Hours)

Cryptocurrency

Earnings +/-

Price (Recorded at 9:15 p.m. EDT)

Celestia (TIA)

+16.30%

$7.55

Core (CORE)

+15.12%

$1.65

Avalanche (AVAX)

+12.27%

$32.54

The global cryptocurrency market increased by 1.65% in the last 24 hours, reaching $2.48 trillion.

Stock futures were slightly higher Sunday night. Dow Jones Industrial Average Futures gained 0.12% as of 9:15 p.m. EDT. Futures tied to the S&P 500 were up 0.22%, while Nasdaq 100 Futures were up 0.36%.

Traders have been monitoring political developments following Biden’s withdrawal from the 2024 presidential race. It will be interesting to see how the market opens this week in response to this significant development.

Last week, major indexes such as the S&P 500 and Nasdaq Composite posted their biggest weekly losses since April.

See also: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target return.

Analyst Notes: Popular cryptocurrency investor CrypNuevo has predicted significant volatility in the Bitcoin market following Joe Biden’s announcement.

The story continues

“Instead, I expect a choppy price action; therefore, I think there is a high probability of seeing a downward move first. Then we can increase liquidity to $68,900,” the trader predicted.

$BTC Market update:

The next week was supposed to be quiet, but Biden announced that he would not be running for re-election.

Instead I expect volatile price action, so I think there is a high probability of seeing a move down first, then we can increase liquidity to $68.9k.

🧵👇 pic.twitter.com/3XfaZITYWL

— CrypNuevo 🔨 (@CrypNuevo) July 21, 2024

A weekly close above $65,000 could boost Bitcoin’s chances of reclaiming $71,500 next week, according to widely followed analyst Rekt Capital.

It will be intriguing to see if the predictions come true, with the top cryptocurrency closing around $68,000.

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