{"id":31166,"date":"2023-07-04T05:08:58","date_gmt":"2023-07-04T09:08:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-is-rising-how-the-july-fourth-holiday-could-help-it-to-a-13-month-high\/"},"modified":"2023-07-04T05:08:59","modified_gmt":"2023-07-04T09:08:59","slug":"bitcoin-is-rising-how-the-july-fourth-holiday-could-help-it-to-a-13-month-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31166","title":{"rendered":"Bitcoin Is Rising. How the July Fourth Holiday Could Help It to a 13-Month High."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were rising on Tuesday, with muted market activity in the U.S. on the July Fourth holiday raising the prospect of choppy price action that could push digital assets to new local highs.<\/p>\n

The price of Bitcoin rose 1% over the past 24 hours to above $30,950, with the largest digital asset firmly above the psychologically important $30,000 level. Bitcoin\u2019s latest rise above $30,000 came amid optimism about
\n BlackRock\u2019s<\/span>
\n (ticker: BLK) filing for a spot Bitcoin exchange-traded fund (ETF), and traders are remaining bullish despite a report late last week suggesting regulators found it and similar applications inadequate.<\/p>\n

\n

\u201cBitcoin is digesting its gains in a consolidation phase,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cInitial support for Bitcoin is at the rising 50-day moving average around $27,700, and long-term support is at former resistance near $25,200.\u201d<\/p>\n

Cryptos face several immediate catalysts on the July Fourth holiday\u2014even without cues from action in the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n with U.S. markets closed. But that doesn\u2019t mean Bitcoin could make a run to $31,500, topping June\u2019s recent high to mark the best levels since late May 2022.<\/p>\n

\u201cThe likely spark for Bitcoin fireworks on Independence Day is the lack of liquidity in the U.S., bringing into play the possibility of fresh 13-month highs,\u201d said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo. \u201cThinner trading on July 4th raises the odds of choppy prices and a break above the June high of $31,400, which represented the loftiest levels for over a year.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014shed 1% to $1,950. Smaller cryptos, or altcoins, were more upbeat, with
\n Cardano
\n climbing 1% and
\n Polygon
\n popping 2%. Memecoins were muted, with
\n Dogecoin
\n and
\n Shiba Inu
\n trading around flat.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were rising on Tuesday, with muted market activity in the U.S. on the July Fourth holiday raising the prospect of choppy price action that could push digital assets to new local highs. The price of Bitcoin rose 1% over the past 24 hours to above $30,950, with the largest digital asset […]<\/p>\n","protected":false},"author":1,"featured_media":31167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31166","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Is Rising. 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