Bitcoin back above $65,000 as ETH outperforms and oil slides: Bitcoin prices have retaken $65,000, recording roughly a 1.2% gain over the past 24 hours in the latest intraday session. The Bitcoin price was $64,395.15, included here as a contextual reference point alongside the reported percentage gain. The move occurred alongside stronger Ether performance and declines in oil markets during the same trading period, with Nasdaq and S&P 500 futures modestly firmer.
Recent market activity has seen Ethereum making notable gains, rising over 3% to nearly $1,950. This upward movement indicates a strong performance within the altcoin sector, specifically for Ethereum.
Meanwhile, Solana and XRP have also experienced positive momentum, each rising approximately 1-2%. Alongside these developments, Bitcoin dominance in the market stands at 58.6%, suggesting an ongoing rotation into altcoins, as indicated by the increase in Ethereum’s value.
This trend reflects the shifting interests of investors who are exploring opportunities beyond Bitcoin in the cryptocurrency market.
The latest trading session witnessed a decline in crude oil prices, with WTI crude futures trading around $85, marking a decrease of about 5%. Similarly, Brent crude experienced a fall of 4.7%, bringing its price to $92.19. On the stock index futures front, both Nasdaq and S&P 500 futures saw an upward trend, each rising about 0.5% during the same period. These movements in crude oil prices and stock index futures reflect the current dynamics in the market without delving into further context.
The Federal Reserve is scheduled to meet on July 28-29, with that meeting cited in reporting as the immediate risk for markets in the near term. Market pricing places a 36.3% probability on a 25-basis-point rate hike at the July 28-29 meeting, according to the same report. During the same reporting period, the Australian dollar posted gains against the U.S. dollar as noted in market summaries. The euro likewise registered gains against the U.S. dollar in the same period, as reported alongside other market movements.
Vikram Subburaj, CEO of Giottus exchange, said in an email that Prices are also responding to macro developments.
Joao Wedson, founder and CEO of analytics firm Alphractal, said: The time between each Bitcoin Halving and the bottom of the following Bear Market has been approximately 900 days. He added: The current cycle is already at day 827. He further said: Based on this pattern, we can say that Bitcoin is already building its price bottom, with a potential final bottom forming sometime within the next two months.
Those remarks are presented in the same reporting that included market price data and other market indicators. Both Subburaj and Wedson are identified by their titles in the report.
