{"id":51365,"date":"2024-08-04T01:27:00","date_gmt":"2024-08-04T01:27:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/btc-price-62k-bitcoin-bulls-bet-m2-money-supply"},"modified":"2024-08-04T04:52:15","modified_gmt":"2024-08-04T04:52:15","slug":"btc-price-slumps-to-62k-as-bitcoin-bulls-bet-on-m2-money-supply","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51365","title":{"rendered":"BTC price slumps to $62K as Bitcoin bulls bet on M2 money supply"},"content":{"rendered":"

Bitcoin (BTC) sought to reclaim $62,000 on Aug. 3 as markets inched higher after a fresh liquidation cascade.<\/p>\n

BTC\/USD 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price tests $60,000 in stocks sell-off<\/h2>\n

Data\u00a0showed a 3% BTC price rebound taking shape after fresh multi-week lows of $60,435 on Bitstamp.<\/p>\n

These accompanied a grim day for stocks worldwide, with the Nikkei\u2019s 6% drop setting the scene for more losses on Wall Street. United States employment data, which fell far short of expectations, exacerbated the sense of panic.<\/p>\n

Bitcoin itself lost nearly $5,000, giving up several key support lines, including the short-term holder cost basis.<\/p>\n

Liquidations mounted as a result, with data from monitoring resource CoinGlass putting the total crypto longs wipeout at $230 million for both Aug. 1 and Aug. 2.<\/p>\n

Crypto liquidations (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

\u201cThe Yields are falling off a cliff in the U.S. markets as the job reports came in astonishingly bad,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm MNTrading, wrote in a reaction on X.<\/p>\n

\u201cSlight panic across the board, as the markets are pricing in a substantial recession for the U.S.\u201d<\/p><\/blockquote>\n

US 2-year bond yields chart. Source:\u00a0Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

Van de Poppe argued that recent events had likely cemented the likelihood of the Federal Reserve cutting interest rates \u2014 a key bullish catalyst for crypto and risk assets \u2014 at its next meeting in September.<\/p>\n

\u201cOne thing is for certain: Rate cuts for September are confirmed,\u201d he concluded.<\/p>\n

Trading resource The Kobeissi Letter meanwhile summarized the macroeconomic landscape as full of mixed signals.<\/p>\n

Source: The Kobeissi Letter<\/em><\/figcaption><\/figure>\n

\u201cYesterday, the discussion was whether a September rate cut was coming or not. Today, the discussion is whether the rate cut will be 25 basis points of 50 basis points,\u201d part of its latest X coverage explained.<\/p>\n

Data from CME Group\u2019s FedWatch Tool put market odds of a smaller 0.25% cut at 78% on the day.<\/p>\n

Fed target rate probabilities. Source: CME Group<\/em><\/figcaption><\/figure>\n

Global liquidity offers Bitcoin bull case<\/h2>\n

Bullish perspectives on Bitcoin remained in play despite the market shock.<\/p>\n

Related: Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom<\/em><\/strong><\/p>\n

Jeff Ross, founder and managing director of hedge fund Vailshire Partners, suggested that rising global liquidity would buoy BTC price action going forward.<\/p>\n

Ross uploaded a chart to X comparing the global M2 money supply to BTC\/USD and the latter\u2019s 50-week and 200-week simple moving averages (SMAs).<\/p>\n

\u201cA reverse head-and-shoulders forming for bitcoin (on the weekly chart) in the setting of increasing global M2 money supply? Would be uber bullish from a combined TA and liquidity perspective,\u201d part of accompanying commentary read.<\/p>\n

Global M2 money supply vs. BTC\/USD chart. Source: Jeff Ross\/X<\/em><\/figcaption><\/figure>\n

Even before the bulk of the comedown, Cointelegraph reported on increasing expectations among traders that Bitcoin would retest the bottom of its long-term trading range.<\/p>\n

\u201cBitcoin Has now been trading in this range for more than 5 months,\u201d popular trader Daan Crypto Trades noted.<\/p>\n

\u201cWe’ve been seeing lower lows and lower highs as the range has been going on. Key levels remain $59K & $74K for the lows and highs.\u201d<\/p><\/blockquote>\n

BTC\/USDT chart. Source: Daan Crypto Trades\/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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Bitcoin (BTC) sought to reclaim $62,000 on Aug. 3 as markets inched higher after a fresh liquidation cascade. BTC\/USD 4-hour chart. Source: TradingView BTC price tests $60,000 in stocks sell-off Data\u00a0showed a 3% BTC price … BTC price slumps to $62K as Bitcoin bulls bet on M2 money supply<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,3812,5652,159,30],"class_list":["post-51365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-cryptonews","tag-emilynews","tag-hyipnews","tag-scam-or-paying","exalt-entry"],"yoast_head":"\nBTC price slumps to $62K as Bitcoin bulls bet on M2 money supply - 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=51365\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC price slumps to $62K as Bitcoin bulls bet on M2 money supply - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) sought to reclaim $62,000 on Aug. 3 as markets inched higher after a fresh liquidation cascade. 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