Bitcoin’s price recently surpassed $63,000, rebounding slightly from previous losses despite ongoing negative sentiment in the cryptocurrency market. The support came as the U.S. dollar weakened, dropping about 0.2% on Monday.
However, market caution prevails with the impending major payout event involving the defunct exchange Mt Gox. Starting in early July, Mt Gox will distribute Bitcoin stolen in a 2014 hack. Traders fear recipients might sell these tokens, potentially triggering a sell-off due to Bitcoin’s significant value increase since then. This concern contributed to Bitcoin’s steep losses in late June, compounded by consecutive weeks of outflows from crypto investment products.
Altcoin Gains and Federal Rate Speculations
In contrast, altcoins saw gains on Monday. Ethereum rose over 2.5% to $3,475 amid speculation of an Ether-based ETF approval by the SEC. Solana, Ripple, and Cardano gained between 1.5% and 4.5%, while Dogecoin and Shiba Inu also saw increases. Overall, market sentiment remains cautious ahead of upcoming U.S. economic data and potential interest rate adjustments.
This week is crucial, with Federal Reserve Chair Jerome Powell scheduled to speak and the release of the Fed’s June meeting minutes and nonfarm payroll data. Traders are increasingly betting on a potential rate cut by the Fed in September, providing some support to the cryptocurrency market.
Bitcoin Price Outlook
Bitcoin is trading at $63,083, up 0.44%. Key resistance levels are at $63,881, $64,735, and $65,589, while support levels to watch are $61,829, $60,695, and $59,901. Technical indicators suggest bullish momentum, but a break below $62,755 could trigger a significant sell-off.
Mega Dice Presale Nears Finale with $1.57 Million Raised
The Mega Dice presale is nearing its conclusion, having raised over $1.57 million and sold 19 million of its 28 million $DICE tokens. This momentum reflects the growing interest in crypto-integrated iGaming within the Web3 ecosystem. The platform’s strategic buyback and burn mechanism aims to maintain token scarcity and boost market value, making now a critical time for potential investors.
