Bitcoin Restores $67K as Cramer Declares Market ‘Overbought’
- CNBC’s Mad Money host Jim Cramer labels the market ‘overbought.’
- Bitcoin topped $67,000 in a tremendous rebound effort on Friday.
- Global market cap hits $2.51T, growing 4% since Cramer’s tweet.
The infamously wrong financial expert Jim Cramer strikes again. In a tweet on July 25, 2024, Cramer described the crypto markets as “still overbought,” adding that his closest followers have been staying away from the buying side for a while. “Too early; still too high!” asserted Cramer.
Bitcoin Back At $67K After Inverse Cramer’s Message
Around 35 minutes later, financial analyst Ali Martinez quoted Cramer’s tweet, attaching a heatmap of current crypto price movements. “It is exactly the opposite of whatever @jimcramer says, so “we are oversold and we are buying everything!”
Bouncing from the daily lows of $63,514 on the afternoon of July 25, 2024, the leading crypto asset Bitcoin (BTC) tackled the $65K resistance zone in the late evening. After being rejected below $64,471, BTC spearheaded it to $67,000 on the morning of July 26, 2024, and has secured this price range since.
Bitcoin on the Way to New All-Time High?
This Friday’s market bounce has already produced some positive changes, as the crypto fear and greed index is back at 68, hinting at cryptocurrency enthusiasts starting to top up their bags again. For this occasion, the blockchain intelligence platform Santiment revealed which major-cap coins have the highest MVRV Z-score.
This technical instrument calculates the market value’s relative position to the realized value. According to this logic, digital assets that underperformed in the last correction period are more likely to earn high returns in the next bull cycle.
According to the MVRV Z-score, entry points to BTC and Ethereum (ETH) now impose a higher risk than Cardano (ADA), Polygon (MATIC), Shiba Inu (SHIB), or XRP (XRP), which are on the verge of entering bullish divergence, according to Santiment.
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As for Bitcoin, crypto traders forecast when the top digital asset will reach another all-time high. While this milestone remains capped at $73,737 on March 14, 2024, BTC is now just 8.8% down from this achievement.
As of press time, Bitcoin, the #1 crypto by global market cap, is trading at $67,360.52, picking up 4.8% gains over the latest 24-hour timeframe. With Mt. Gox and the German government’s sell-offs cooling off , Bitcoin enters a favorable setup for a bullish breakout. However, much will depend on the developments in the United States as Bitcoin becomes a crucial topic in this year’s presidential election .
On the Flipside
- According to CoinPaprika, the liquidity book in Spot markets remains bearish, with $586 million in BTC sales over 24 hours.
- Outweighing the $455 million in Bitcoin bids, the uneven liquidity can apply additional sell pressure despite rising trading volumes.
Why This Matters
Tracking the accuracy of celebrity predictions assists in determining authority and understanding the shifting market dynamics.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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