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Bitcoin and Notcoin have demonstrated significant price surges amid a broader market recovery, revealing a strong correlation between the two. Bitcoin has reclaimed ground above $63,000, while Notcoin has broken past the $0.016 mark, showcasing robust performance amid market fluctuations.

Bitcoin has once again surpassed the $63,000 mark after surging by more than 5% in 24 hours, marking a significant recovery from its two-month low of $53,500 on July 4. 

Earlier today, BTC hit a high of $63,218.89, signaling a potential end to the recent selling pressure that arose from significant Bitcoin transfers by the US and German governments and Mt. Gox.

Analysts suggest several factors have contributed to the current Bitcoin rebound. German BTC sales have concluded, and the market has largely absorbed the impact of Mt. Gox repayments. 

Additionally, signs of a potential interest rate cut by Jerome Powell and new highs in the S&P 500 are seen as bullish indicators for Bitcoin.

Ben Simpson, founder of the crypto education platform Collective Shift, believes that Bitcoin has established a “local bottom” and is poised for an uptrend. 

Simpson points out that despite recent negative sentiment, the fundamentals of Bitcoin remain strong.

I think the local bottom is in.

Things are changing in the market:

Germany has stopped selling
Fear sentiment has bottomed, in my opinion
Powell signalling lower rates
S&P ripping to new highs
ETH ETF launch in the coming weeks
BTC ETF seeing biggest inflows in weeks
Alts…

Political factors, such as Trump’s increased odds of re-election, especially after the recent shooting incident, could positively impact Bitcoin’s price. 

However, for Bitcoin to maintain and build upon this momentum, it must navigate key resistance and support levels. The critical resistance level to watch is $65,000, which, if surpassed, could pave the way for further gains. 

On the downside, $60,000 serves as a vital support level that Bitcoin needs to hold to avoid further declines.

Seeing that the Relative Strength Index (RSI) is already in the overbought region, a pullback towards the $60k mark is likely before any further rally. 

Additionally, reclaiming and maintaining above the 50-day and 100-day simple moving averages is crucial for sustaining the bullish trend.

As Bitcoin rebounds, Notcoin (NOT) has also shown remarkable resilience and growth. In the past week, NOT has recorded an 87.81% increase in price, surging from $0.00912 to a high of $0.01699 before retracing by about 20% and facing resistance around $0.01675. 

The bullish momentum is underpinned by strong community support and significant milestones within the Notcoin ecosystem.

Notcoin boasts over 200 initiatives and has attracted 22.5 million users, with a thriving community of over 40 million players. 

Its innovative play-to-earn model and strategic partnerships, such as the recent collaboration with Helika Gaming, have contributed to its growth. 

Despite a 55% drop in trading volume, Notcoin maintains a healthy market capitalization of $496 million.

Experts attributed the recent price dip to broader market sentiment rather than project-specific issues, indicating potential for future growth as the ecosystem continues to develop. 

For Notcoin to maintain the current bullish momentum, it must hold the strong support identified at $0.01480. 

If the price holds above this support, it could target the next resistance level at $0.01718. 

However, if NOT breaks below $0.01480, it may face further declines with a potential target around $0.01374.

Monitoring these resistance and support levels is crucial for traders looking to capitalize on Notcoin’s volatility.

The post Bitcoin reclaims $63K, Notcoin rises past $0.016: Is there a correlation? appeared first on Invezz

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