Has the cryptocurrency rebound begun? Is Bitcoin's $65,000 a watershed moment?

▲ Bitcoin, Cryptocurrency ©

As the cryptocurrency market began to rebound, centered around Bitcoin (BTC), and its market capitalization increased by 1.4% in just one day, the market is paying attention to whether expectations for US regulation and improvements in the macroeconomic environment can sustain the uptrend.

According to CoinMarketCap, a cryptocurrency market data aggregator, on July 9 (local time), the total cryptocurrency market capitalization increased by 1.4% over the past 24 hours, reaching $2.17 trillion. This surge was largely influenced by a relief rally led by Bitcoin, which showed a high correlation of 78% with the US stock market's S&P 500 index and 85% with gold, indicating its sensitivity to changes in the macroeconomic environment.

The media outlet cited expectations for easing US monetary policy and anticipation for the US cryptocurrency market structure bill, the CLARITY Act, as background for the surge. Bitcoin buying pressure flowed into major exchanges, and investors showed a tendency to preemptively price in the easing of regulatory uncertainty and potential changes in monetary policy. In the short term, whether Bitcoin can recover and stably maintain $65,000 was presented as a key variable determining market direction.

Following Bitcoin's rise, there was also a flow of funds into altcoins. The Altcoin Season Index increased by 13.3% over 24 hours. Arbitrum (ARB), in particular, surged by over 17% after Robinhood announced it would build a new blockchain based on Arbitrum technology and implement a revenue-sharing model. The media analyzed that while Bitcoin created the upward trend, the actual expansion of returns was concentrated in altcoins with individual positive catalysts.

However, a cautious outlook prevailed for the short term. The media assessed that the current uptrend is a result of a combination of expectations for macroeconomic improvement and altcoin rotation, rather than a single major positive catalyst. While market sentiment maintains a moderate bullishness with a net score of 4.98, there is also a possibility of increased volatility if Bitcoin breaks below key support levels, as a large number of leveraged long positions are concentrated around $58,000.

Ultimately, the media's diagnosis is that the sustainability of this rebound depends on Bitcoin's stable establishment at $65,000 and the progress of the US cryptocurrency market structure bill, the CLARITY Act. If regulatory expectations materialize and Bitcoin establishes a stable foundation for growth, the overall market bullishness could continue, but if key support levels collapse, the possibility of a short-term correction cannot be ruled out.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*