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Bitcoin wavers near June highs as dollar and commodities move together
Crypto market capitalization rose 0.8% in 24 hours to $2.25T, even as Bitcoin pulled back after testing its June-high area near $67K.
Crypto market capitalization rose another 0.8% over the past 24 hours to $2.25T, with cryptocurrencies advancing alongside commodity assets despite a stronger US dollar, a mix Action Forex called unstable.
Bitcoin touched the June-high region near $67K before pulling back, though Action Forex said the broader uptrend that began in early July remains intact amid minor pullbacks.
The analysis said a push would likely need solid consolidation above $68K, where several of the year’s key levels cluster, while a downside reversal could see a pullback toward $64K before stronger support could come into play.
Action Forex also highlighted a scenario where Bitcoin could fall below $50K, citing Peter Brandt, and discussed risk concerns tied to crypto market assumptions, including a quantum discount factor reaching 30% and claims that protecting the network is necessary for Bitcoin to reach new highs.
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