Langgam Pos - Bitcoin's price has rebounded to $67,800 per coin, grappling with resistance just below the $65,000 mark. The lowest price Bitcoin touched recently was $63,506.36 before making its ascent.
The surge in Bitcoin's price can be attributed to several factors.
According to Coinpedia, the hourly technical chart reveals that smaller moving averages like the 20 and 50 are crossing above the larger 100 and 200 moving averages, indicating a bullish trend.
Bitcoin's price has been moving in a strategic pattern, undergoing corrections every few hours. Without these small corrections, a significant market correction could occur once a certain point is reached.
On the 4-hour chart, Bitcoin appears to be testing the $67,800 support level, aiming to retest this new support. This price spike is also linked to the news that crypto-friendly presidential candidate Donald Trump will be speaking at the Bitcoin 2024 conference in Nashville this Saturday.
Additionally, Bitcoin ETF inflows have increased, suggesting a resurgence of investor confidence in Bitcoin.
The 4-hour chart also shows a crossover in the MACD chart, indicating a bullish trend. Furthermore, data on Bitcoin liquidations shows a significant number of short traders being liquidated, reinforcing the bullish market movement.
As of this report, Bitcoin is trading at $67,988, up 3.38% over the last 24 hours, despite a 20.32% drop in BTC trading volume. The Fear and Greed Index stands at 59, with a market dominance of 55.4%.
Historical data indicates that markets often experience a slight correction after a significant surge and breach of resistance levels. This is necessary for the market to retest the latest support levels.
Currently, Bitcoin is positioned right at the support zone. Before moving towards the $68,000 resistance zone, the price may need to consolidate in this zone for a few hours. Additionally, keep an eye on Trump’s speech at the Nashville conference, as it could provide a sudden boost for Bitcoin.
Bitcoin Surges Past Rp 1.07 Billion Amid Global IT Disruptions
Previously, Bitcoin's price was around $66,000, approximately Rp 1.07 billion (based on an exchange rate of 16,216 IDR/USD), quickly recovering from a recent six-month low of $53,500 on July 5, 2024.
Bitcoin is now set to test its all-time high of $73,700 achieved in March 2024. This rebound comes at a time when major airlines, medical facilities, companies, and law enforcement agencies worldwide are grappling with a massive IT disruption impacting Microsoft’s cloud computing services.
It appears that Bitcoin's price remains unaffected by the global IT outage. Cybersecurity firm CrowdStrike explained the cause of the disruption, linking it to a malfunctioning routine software update.
To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyber attack. The company quickly released a new software update that automatically fixed some of the affected computers.
Application Recovery
However, some systems required manual rebooting and patching, leading to significant delays. Microsoft announced the recovery of its 365 applications and services on Friday night, although some individual customers may still experience residual effects.
Interestingly, amid the chaos caused by the IT outage, cryptocurrency prices remained unaffected, catching the attention of U.S. Senator Cynthia Lummis.
Known for her pro-crypto and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight Bitcoin's resilience amid widespread cyber disruptions, stating, "Do you know which form of currency is not affected by widespread cyber outages? Bitcoin."
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