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 its highest point of $73,700 reached in March. This resurgence comes at a time when major airlines, medical facilities, corporations and police forces around the world are facing a massive information technology (IT) disruption affecting Microsoft's cloud computing services.
bitcoin price unaffected by global computer system outage
Cybersecurity firm CrowdStrike has shed light on the cause of the outages, attribution It attributed them to a “routine software update” gone wrong. To reassure the public, CrowdStrike stressed that the incident was not a security breach or a cyberattack.
The company quickly released a new software update that automatically patched some affected computers. However, some systems required manual reboots and patches, leading to significant problems. delays.
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Microsoft, for its part, announced the recovery of its 365 apps and services late Friday morning, although some individual customers may still experience residual impact.
Curiously, in the midst of the chaos caused by the IT DisruptionCryptocurrency prices remained unaffected, which caught the attention of US Senator Cynthia Lummis.
Known for her pro-cryptocurrency and pro-bitcoin stance, Senator Lummis took to social media platform x (formerly twitter) to highlight the resilience of bitcoin’s price amid widespread cyber outages. x.com/SenLummis/status/1814321936903586264″ target=”_blank” rel=”nofollow”>stating“Do you know what form of currency hasn’t 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 intensified.
Anticipation has been further fueled by the upcoming appearance of former US President Donald Trump in Nashville on July 27, who some predict will herald the market’s largest cryptocurrency as key to the US economy, potentially providing a massive boost to the price of bitcoin.
A sell signal emerges
As the bitcoin price continues its recovery, cryptocurrency analyst Ali Martinez has spotted a significant development on the bitcoin daily chart as the TD Sequential indicator has generated a sell signal.
However, the analyst x.com/ali_charts/status/1814402241517715792″ target=”_blank” rel=”nofollow”>noted that the signal may 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 over the past 24 hours and an impressive rise of over 16% in the past week alone.
Maintaining a close above the level identified by Martinez becomes paramount to avoid a potential correction on the way to the long-awaited $70,000 milestone.
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While bitcoin's upward trajectory is solid, it may encounter resistance at various price levels before reaching its stated target. bearish thresholds at $67,600, $68,380 and $69,700, which could pose challenges to the rising price of bitcoin.
Conversely, bitcoin may find support at its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator, often regarded as a robust support level.
Featured image of DALL-E, chart from TradingView.com
