{"id":51281,"date":"2024-07-23T01:50:00","date_gmt":"2024-07-23T01:50:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-trader-2-months-all-time-high-china-cuts-rates"},"modified":"2024-07-23T03:39:05","modified_gmt":"2024-07-23T03:39:05","slug":"bitcoin-trader-sees-2-months-to-all-time-high-as-china-cuts-key-rates","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51281","title":{"rendered":"Bitcoin trader sees 2 months to all-time high as China cuts key rates"},"content":{"rendered":"

<\/p>\n

Bitcoin\u00a0aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut added to bullish crypto catalysts.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

China enacts \u201cunexpected\u201d rate cuts<\/h2>\n

Data showed Bitcoin (BTC)\u00a0price moves targeting range highs after a dip below $67,000 earlier in the day.<\/p>\n

The upward reversion came amid mixed performances from Asia stocks as China cut several key interest rates in a step that \u201csurprised markets.\u201d<\/p>\n

The People\u2019s Bank of China (PBoC) confirmed that it would cut the seven-day reverse repo rate by 0.1% to 1.7%, while the one-year and five-year loan prime rate (LPR) followed suit, sources including Reuters reported.<\/p>\n

\u201cThe cut today is an unexpected move, likely due to the sharp slowdown in growth momentum in the second quarter as well as the call for \u2018achieving this year\u2019s growth target\u2019 by the third plenum,\u201d Larry Hu, chief China economist at global financial services firm Macquarie Group, told the publication.<\/p>\n

Reacting, markets commentator Holger Zschaepitz noted that it had been almost a year since the last Chinese rate cut.<\/p>\n

\u201cChinese stock market not really enthusiastic,\u201d he wrote in part of a post on X.<\/p>\n

Global interest rates heading lower is a key ingredient for risk asset performance, including crypto. As Cointelegraph reported, the United States has yet to follow China and Europe in beginning a rate-cut cycle, with markets expecting this to begin in September.<\/p>\n

Adopting a more conservative stance, popular crypto and macro commentator TMXC Trades suggested that China\u2019s select cuts would not have the desired effect.<\/p>\n

\u201cComing into 2024, traders were betting on a massive coordinated global easing cycle (after they totally underestimated hikes) that would reverse half or more of all tightening. Here today in mid-July, virtually none of that has come to pass,\u201d it concluded.<\/p>\n

\"\"
Central bank interest rate expectations. Source: TXMC Trades\/X<\/em><\/figcaption><\/figure>\n

Bitcoin traders boost talk of all-time highs<\/h2>\n

Bitcoin itself, meanwhile, stood before the last cluster of resistance before all-time highs, this including the $69,000 level in play since late 2021.<\/p>\n

\u201cBitcoin has cancelled out almost the entirety of the -25.6% retrace,\u201d popular trader and analyst Rekt Capital noted in his latest X analysis.<\/p>\n

\u201cIt took two weeks to almost fully cancel out a five week retrace.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD comparison. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

An accompanying chart compared recent BTC price behavior to other retracements over the bull market, calculating the latest as the uptrend\u2019s deepest.<\/p>\n

\u201cAny dips to retest $65,000 would not be out of the ordinary but generally such Weekly Closes have preceded upside to $71,500,\u201d another post continued.<\/p>\n

Rekt Capital reiterated the case for new all-time highs in September \u201cat the latest.\u201d<\/p>\n

\u201cBitcoin is back in the range and provides a lot of strength,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm MNTrading, added on the day.<\/p>\n

Van de Poppe flagged $65,000 as an important level to hold as support going forward, with the range lows at around $61,000 as the next line of defense below.<\/p>\n

\u201cIf that\u2019s going to happen this week, then we should be good for continuation toward the ATH,\u201d he predicted.<\/p>\n

\"\"
BTC\/USDT chart. Source:\u00a0Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u00a0aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut added to bullish crypto catalysts. BTC\/USD 1-hour chart. Source: TradingView China enacts \u201cunexpected\u201d rate cuts Data showed Bitcoin (BTC)\u00a0price … Bitcoin trader sees 2 months to all-time high as China cuts key rates<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,143,3812,5652,276,159],"class_list":["post-51281","post","type-post","status-publish","format-standard","hentry","category-cryptonews","tag-bitcoin","tag-btc","tag-cryptonews","tag-emilynews","tag-ethereum","tag-hyipnews","exalt-entry"],"yoast_head":"\nBitcoin trader sees 2 months to all-time high as China cuts key rates - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51281\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin trader sees 2 months to all-time high as China cuts key rates - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u00a0aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut added to bullish crypto catalysts. 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