Buy-Side Trade
21st July 24
Entry: 69,660.7
Profit Level: 69,660.7
Stop Level: 67,734.3
Risk-Reward Ratio (RR): 4.7
Time Frame: 15 minutes (TF)
Entry Time: 7:00 PM
Outlook According to Todayq News
Jul 20, 2024, 08:59 GMT+1
News Driver
Bitcoin (BTC) has hit its highest price in a month, backed by strong trading volumes for BlackRock’s spot Bitcoin ETF (IBIT).
This price movement coincided with a major IT outage caused by a software update from cybersecurity provider CrowdStrike, leading to widespread disruptions for airlines, banks, and businesses globally. This incident highlighted the resilience of decentralized systems like public blockchains compared to centralized networks.
Despite these gains, Bitcoin remains within a multi-month trading range between $56,000 and $73,000, supported by strong institutional demand for December $100,000 Bitcoin call options.
More importantly, Mads Eberhardt, a crypto analyst at Steno Research, expressed a bullish outlook for crypto assets for the second half of the year. Eberhardt, cited several tailwinds, including potential U.S. interest rate cuts, increased liquidity, regulatory clarity in Europe, and the possibility of more crypto-friendly U.S. leadership.
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.