Crypto

How After yesterday’s tremendous rise in Bitcoin and Bitcoin futures, today BTC gave up about half of Monday’s gains, and currently, as of 2 PM Eastern Standard Time, the most active August contract of BTC futures is trading down a little over 4% or $1625 on the day at $37,835.

Bitcoin futures are trading higher today after Elon Musk made supportive comments on “The ₿ Word” which is a “Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support.”

Bitcoin has once again shown how strong support is at the $30,000 level. Once again, this level is technically significant as it represents a 61.8% retracement from where we mark the beginning of the rally that took us to all-time highs. This is important to note because this would be a logical level for a deep retracement to find support and pivot from.

BTC failed to react to the stark CPI report released today for the month of June.

After weeks of relative stability in the price of BTC, where we have seen pricing remain relatively stable, it appears as though the first signs of a possible upside breakout on the horizon. For the last two weeks, BTC has traded inside of a $4000 range ($32,000-$36,000) varying only 6.25% in that time span.