Bitcoin
Bitcoin Price Soars to $66,000 Amid Global IT Outage
Bitcoin price has quickly recovered from its recent drop to a six-month low of $53,500 on July 5, reclaiming the $66,000 level and aiming to retest its historical record from $73,700 reached in March. This resurgence comes as major airlines, medical facilities, corporations and police forces around the world grapple with a massive information technology (IT) outage affecting Microsoft’s cloud computing services.
Bitcoin Price Unaffected by Global IT Shutdown
Cybersecurity firm CrowdStrike has clarified the cause of the outages, assigning them for a “routine software update” gone wrong. To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyberattack.
The company then quickly released a new software update that automatically repaired some affected computers. However, some systems required manual reboots and patching, resulting in delays.
Microsoft, for its part, announced the recovery of its 365 apps and services on Friday morning, although some individual customers may still experience residual impacts.
Interestingly, amidst the chaos caused by the IT failurecryptocurrency prices remained unchanged, catching the attention of US Senator Cynthia Lummis.
Known for her pro-cryptocurrency and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight the resilience of Bitcoin’s price amid widespread cyber outages, stating: “Do you know what form of currency has not been affected by widespread cyber outages? Bitcoin. Vires in Numeris.”
Meanwhile, speculation surrounding Bitcoin’s potential as a strategic reserve asset for the United States has been intensifying.
Anticipation has been further fueled by former US President Donald Trump’s upcoming appearance in Nashville on July 27, which some predict will herald the market’s largest cryptocurrency as essential to the US economy, which could give Bitcoin’s price a major boost.
Sell signal appears
As Bitcoin’s price continues its recovery, cryptocurrency analyst Ali Martinez has spotted a significant development on Bitcoin’s daily chart as the TD Sequential indicator has generated a sell signal.
However, the analyst observed that the signal could be invalidated if Bitcoin manages to close above the crucial $67,500 threshold. The cryptocurrency’s current price stands at $66,666, reflecting a 5% increase in the last 24 hours and an impressive increase of over 16% in the last week alone.
Maintaining a close above the level identified by Martinez becomes essential to avoid a possible correction on its way towards the long-awaited $70,000 milestone.
While Bitcoin’s upward trajectory is strong, it may encounter resistance at several price levels before reaching its target seen by low thresholds at $67,600, $68,380 and $69,700, which could pose challenges to Bitcoin’s price rise.
On the other hand, Bitcoin may find support at its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator and is often considered a robust support level.
Featured image of DALL-E, chart from TradingView.com