Bitcoin price quickly recovered from its recent drop to a six-month low of $53,500 on July 5, reclaiming the $66,000 level and focusing on retesting it. All time high From $73,700 reached in March. The recovery comes as major airlines, medical facilities, businesses and police forces around the world struggle to deal with a massive IT disruption affecting Microsoft’s cloud computing services.
Bitcoin Price Unaffected by Global IT Outage
Cybersecurity firm CrowdStrike has highlighted the cause of the outages, Attribution The company informed users that a routine software update had gone wrong. To reassure the public, CrowdStrike confirmed that the incident was not a security breach or cyberattack.
The company then quickly released a new software update that automatically fixed some affected computers. However, some systems required manual reboots and patches, causing major problems. Delay.
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Microsoft, for its part, announced that its 365 apps and services were restored late Friday morning, although some individual customers may still be experiencing residual impact.
Interestingly, amidst the chaos that has been created, IT outageCryptocurrency prices remained unchanged, which caught the attention of US Senator Cynthia Lummis.
Senator Lummis has been known for her pro-cryptocurrency and pro-Bitcoin stance, taking to social media platform X (formerly known as Twitter) to highlight the resilience of Bitcoin’s price amid widespread internet outages, statement“Do you know what currency hasn’t been affected by widespread internet outages? Bitcoin. Veris in Numeris.”
Meanwhile, speculation has been growing surrounding Bitcoin’s potential as a strategic reserve asset for the United States.
Expectations have been boosted by former US President Donald Trump’s appearance in Nashville on July 27, where some expect him to announce the market’s largest cryptocurrency as the key to the US economy, potentially providing a massive boost to Bitcoin’s price.
Sell signal appears
As Bitcoin price continues to recover, cryptocurrency analyst Ali Martinez has spotted an important development on Bitcoin’s daily chart as the TD Sequential indicator has generated a sell signal.
However, the analyst male The signal could be invalidated if Bitcoin manages to close above the crucial $67,500 threshold. The cryptocurrency is currently trading at $66,666, reflecting a 5% gain in the past 24 hours and a staggering rise of over 16% in the past week alone.
Maintaining a close above the level set by Martinez becomes crucial to avoid a potential correction on its way to the highly anticipated $70,000 mark.
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While Bitcoin’s bullish trajectory is strong, it may face resistance at different price levels before reaching its indicated target. Downward thresholds At $67,600, $68,380, and $69,700, which could pose challenges to Bitcoin’s upward price.
Conversely, Bitcoin could find support from its 200-day exponential moving average (EMA), which is currently at $62,600, which is a long-term trend indicator and is often seen as a strong support level.
Featured image by DALL-E, chart by TradingView.com