Bitcoin’s price rebounded from a six-month low of $53,500 on July 5. The market has reclaimed the $66,000 level and is now attempting to reach the $73,700 level, which was its peak in March. This comeback comes when major airlines, medical facilities, enterprises, and police forces around the world are dealing with a major information technology (IT) outage affecting Microsoft’s cloud computing services.
Worldwide IT outage had no effect on Bitcoin price
According to cybersecurity firm CrowdStrike, a “routine software update” gone wrong caused the outage. To calm people, CrowdStrike stressed the incident was not a security breach or a cyberattack.
Following this, the company promptly released a new software update that automatically fixed the problems on some of the affected computers.
While some individual customers may still feel the impact, Microsoft said Friday morning that its 365 apps and services had recovered.
United States Senator Cynthia Lummis was surprised to find that Bitcoin continued to rise in value despite the havoc caused by the IT outage. She added, “Do you know of any cryptocurrency that a widespread cyber outage has not affected?
Former US President Donald Trump is scheduled to visit Nashville on July 27. Some believe he will declare the largest cryptocurrency in the market as essential to the US economy, which could lead to a significant increase in the price of Bitcoin. This has further fueled the excitement.
A sell signal emerges
Crypto researcher Ali Martinez has noticed a notable change in Bitcoin’s daily chart as the price is still rising: the TD Sequential indicator has generated a sell signal.
The expert noted that the warning could be invalidated if Bitcoin closes above the crucial level of $67,500. At $66,666, the cryptocurrency’s price has been up 5% in the past 24 hours and 16% in the past week alone.
Maintaining a close above Martinez’s level is crucial to preventing a potential correction on the way to reaching the highly expected $70,000 milestone.
Bitcoin’s rising momentum is robust. However, it may encounter opposition at several price levels before achieving its goal. The bearish ranges are $67,600, $68,380, and $69,700. These levels may provide a barrier to Bitcoin’s price increase.
Bitcoin may discover back from its 200-day exponential moving normal (EMA), which is right now at $62,600 and speaks to a long-term slant marker that is broadly seen as a solid bolster level.
