- Bitcoin price declined by 0.39% in the last 24 hours, slipping down to $58K
- The BTC market sentiment resumes to be in the fear zone, evident from the fear and greed index at 29.
The slightest revival of the Bitcoin price yesterday was less impactful than expected, failing to break $60,000. BTC struggled to clear the $59,500 level and dipped by 0.39% over the past 24 hours to a bottom of $57,209.
The German government’s recent sell-off might shake the market and has made big waves in the crypto market. According to Arkham Intelligence data, the government wallets transferred out a total of 8,853 Bitcoins. Currently, the total holdings stand at 15,110 Bitcoins worth approximately $887 million.
Amid the market decline, an optimistic update has come up. The US Presidential Candidate, Donald J. Trump, has been confirmed to deliver a speech at a prominent crypto conference — Bitcoin 2024 — in Nashville on July 27.
Donald Trump’s public support for Bitcoin went viral from the beginning of the election campaign in the United States. This can be considered the first time a US Presidential candidate is appearing to address the global Bitcoin community in a crypto event.
At press time, Bitcoin traded at $58,786, and the daily trading volume declined by 8.89% and stood at $25 billion, according to CMC data. Moreover, over the past 24 hours, the spot Bitcoin ETFs recorded $216 million in total net inflows, according to Sosovalue data.
Can Bitcoin Recover soon?
Bitcoin observed a weekly high at $59,256, and the asset couldn’t pick up a bullish momentum, resulting in a decline to $57K. The BTC Fear and Greed Index stays at 29, hinting at the fear in the market.
Evaluating the BTC price chart, the short-term 9-day moving average (9MA) at $57,679, indicates the slightest bullish trend. Meanwhile, the daily relative strength index (RSI), which stands at 42.46, suggests that the asset is approaching the neutral zone.
If the BTC bulls remain strong, the first significant resistance will be $58,999. And the next key resistance level will be found at $59,381. Conversely, if BTC fails to overcome the significant resistance, the price could bottom to a support level of $58,618. A further drop might lead the price to the $58,291 range.
