PEPE Skyrockets 37% Amid Bitcoin’s Struggle to Hold $65K

  • The recent surge in the cryptocurrency market has been noteworthy, fueled by encouraging macroeconomic signals.
  • Bitcoin recently approached the $65,000 threshold, although it was unable to sustain this resistance.
  • A standout in the market was the memecoin PEPE, which achieved an extraordinary 37% gain within a single day, attracting significant interest from investors.

Explore the recent economic drivers behind the cryptocurrency market’s upward momentum and the key digital assets making waves.

Key Drivers Behind the Recent Cryptocurrency Market Rally

The impending launch of spot Ethereum ETFs, scheduled for July 23 as indicated by Bloomberg ETF analyst Eric Balchunas, has renewed optimism in the market. Discussions with the SEC are advancing towards a favorable outcome. In addition, the appointment of Senator J.D. Vance, known for his pro-crypto stance, as Vice President for the upcoming elections by Donald Trump has significantly bolstered market sentiment. Furthermore, an impressive influx into ETFs has propelled the total market capitalization to $2.30 trillion, a gain of over $136 billion in the last 24 hours alone, overcoming the previous resistance at $2.29 trillion.

Bitcoin’s Performance on the Charts

Bitcoin has demonstrated strong performance metrics, climbing from $60,800 to nearly $65,000. However, it struggled to hold the $63,740 support level, posing a risk of potential sell-offs. The current trend has Bitcoin moving within an expansive wedge pattern. Should it break out of this configuration, Bitcoin could target new all-time highs, provided it can stabilize $67,000 as a support level.

PEPE’s Remarkable Ascendancy

The memecoin PEPE was a market leader, experiencing a massive surge of approximately 37%, reaching a price point of $0.00001207. If PEPE continues this trajectory, it may surpass the critical $0.00001369 resistance level, sustaining its upward trend. Conversely, a failure to uphold this momentum might lead to a consolidation of its current support and resistance levels.

Conclusion

In summary, the recent positive trend in the cryptocurrency market is driven by a confluence of favorable developments. The upcoming launch of spot Ethereum ETFs, significant political endorsements, and substantial ETF inflows are key contributors to this momentum. For Bitcoin to aim for new highs, establishing solid support at $67,000 is paramount. Meanwhile, PEPE’s recent performance suggests continued interest, contingent on its ability to break critical resistance levels. Market participants should stay aware of these dynamics as they navigate their investment strategies.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Pendle Launches Cross-Chain PT — PT-USDe Debuts on Avalanche to Expand $5.8B DeFi Fixed-Income Market

Pendle has announced the launch of a cross-chain PT...

REX-Osprey’s XRPR XRP ETF to Launch This Week, Offering Investors First 40 Act Physical XRP Exposure

COINOTAG reported on September 15 that the REX‑Osprey™ XRP...

Ethereum: Below $4,400 Triggers $1.2B Long Liquidations; Above $4,600 Sparks $1.162B Short Liquidations — Coinglass/BlockBeats

According to COINOTAG citing Coinglass data, the market shows...

$PORTALS listed on Bybit spot

$PORTALS listed on Bybit spot

Dogecoin Spot ETF DOJE Set to Launch Thursday — Bloomberg Says It Could Be First ‘Assetless’ U.S. ETF

Bloomberg senior ETF analyst Eric Balchunas reported that the...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img