Bitcoin Traders Eye New Trading Range Amid Persisting Risks

Institutional Crypto Research Written by Experts

Author

Markus Thielen
August 11, 2024

👇1-12) Interpreting trends can be particularly challenging at pivotal moments in the economy and financial markets, as old narratives are questioned and new ones gradually take shape. During these times, traders and investors must attune themselves closely to the market's signals. It is crucial to recognize that the market tends to fixate on a single prevailing narrative before shifting its focus to the next one. Understanding this dynamic is essential in navigating the transitions effectively.

👇2-12) Following the (German) supply overhang in late June, market concerns shifted to the impending Mt. Gox payouts in early July. The narrative took a dramatic turn with Trump’s attempted assassination and his subsequent selection of Bitcoin holder JD Vance as his vice-presidential pick. As Trump's election odds surged to 70%, Bitcoin's price became closely tied to these political developments. However, the momentum stalled on July 21 when President Biden exited the 2025 U.S. Presidential Race.

👇3-12) Another push to break the $70,000 mark occurred after discussions of a potential Bitcoin Strategic Reserve emerged, fueling high expectations for Trump's speech at the Nashville Bitcoin conference. Unfortunately, the speech failed to live up to the hype. Bitcoin's peak was reached when the U.S. government transferred $2 billion worth of Bitcoin, marking the end of its rally. The $60,000 to $70,000 trading range has held steady, but a significant shift in this range is on the horizon.

Old or NEW Bitcoin trading range: $60,000 - $70,000 still valid?

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