Long standing businesses that focus on the bulls’ point of view have more reasons to stay looking forward, as Bitcoin has included a Chinese rate cut to the projected events that will push the BTC price higher and higher.
Bitcoin targeted $68,000 at the Wall Street opening of July 22 as a Chinese interest rate cut boosted other bullish factors.
China enacts “unexpected” rate cuts
Information from Forks Daily Markets Pro and TradingView depicted Bitcoin
BTC price swings to test the range highs after falling below $67 K in the earlier trading session.
The upward reversion occurred as Asia stocks’ performance was mixed as China decided to cut several key interest rates in a measure that “took markets by surprise.”
According to the PBoC, it resolved that it would reduce the seven-day moving average of the reverse repo rate by 0. 1% to 1. 7% and the one-year and 5-year loan prime rate (LPR) also rose in accordance, as sources such as Reuters informed.
“The cut today is therefore a quite surprising, as the growth momentum seems to have decelerated rather sharply in the second quarter, and with the Third Plenum mooting to ‘achieve this year’s growth target,’ “Larry Hu, chief China economist at global financial services firm Macquarie Group said to the publication.
Responding, markets commentator Holger Zschaepitz stated that prior to the latest Chinese cut the last was almost a year ago.
“Chinese stock market not really enthusiastic,” he wrote in part in a post on X.
The current exchange rates going up, the global interest rates going down is something that risk assets, including the cryptos will flourish on. Recall, that following China and Europe, the USA has not start a rate-cut cycle which is expected to begin in September according to markets.
Traders cranks talk of a new bitcoin all-time high
Bitcoin, on its part, remained before the last major hurdle before all-time highs, this entailing the $69,000 area active since 2021 year-end.
Bitcoin has negated almost all of the -25. 6% retrace “, Rekt Capital said about the X analysis of the most recent movement of BTC.
“With care I was able to reduce it to the point of where it was nearly nullifying a five week retrace in two weeks.”
A chart for the comparison of the recent BTC price movement with other retracements of the entire bull market was also provided where the latest one was identified as the deepest uptrend.
“Any dips to retest $65,000 would not be out of the ordinary but generally such Weekly Closes have preceded upside to $71,500,” another post read.
In the above-mentioned month, Rekt Capital restated the possibility of attaining fresh all-time high “at the latest.”
It exuded a lot of strength on the day especially as Bitcoin jumped back to the range, headquartered trading firm MNTrading’s founder and CEO, Michaël van de Poppe noted.
Van de Poppe pointed out that the price level of $65000 was a critical level to defend in the future and the range lows which are around $61000 as the support level below it.
‘If that’s going to happen this week, then we should be good for continuation toward the ATH,’ he said.
