"I'm tired of waiting for the price of BTC to rise, I hope this month can give investors a little excitement."
The opening of the new month of July 2024 is set to push the price of cryptocurrency king Bitcoin (BTC) to rise again after ETFs in the United States (US) on the first day saw $130 million inflows, the highest since early June.
Lately, the Fear and Greed Index has been neutral for the first time in months which means investors and traders may be taking this opportunity to start buying large amounts of digital assets.
According to the popular analyst Titan of Crypto on his social media account X, the price of BTC could break the $90,000 level in the coming months if we look at the technical chart patterns.
Even so, investors should take into account the selling pressure that may occur due to the German government-labeled wallet that suddenly moved almost 6,500 BTC on June 19, 2024.
In the short term, it should be expected that the price of BTC may have a hard time breaking through its resistance zone at $65,000 as speculators* in the short term market may exit their positions at breakeven, commented Blockware Intelligence analysts.
*Investors or traders who buy assets for a short period of time and use strategies to profit from changes in the asset's price
The significant decline in the amount of BTC transferred from miner's wallets has shown the potential for stabilization, Bitfinex Alpha said, adding that such developments are positive for the rise in BTC prices.
As of this writing, the price of BTC has fallen by 1.25% to $62,072 in the last 24 hours with a market cap of $1.2 trillion but is still up 0.18% over the past week.