BTC price rises above $68k, bullish trend with long contracts surpassing short positions.

From Nasdaq: 2024-07-23 14:45:00

Bitcoin price rallied to a 30-day high of $68,477.85 on Jul 22, staying above the $67,000 support level. Long contracts surpassed short positions at $1.28 billion vs. $1.20 billion, indicating a bullish trend. Political developments, German government support, and ETF approvals are driving BTC higher. BTC historically peaks 12-18 months post-halving.

BTC’s rise benefits NVIDIA, Coinbase, and Block as the crypto market grows. NVIDIA’s current-year earnings estimate rose 10.3%, with 106.2% expected growth. Coinbase’s next-year estimate increased 0.6%, with 1,740.5% year-on-year growth. Block saw a 0.7% earnings estimate growth with a 72.8% expected year-on-year growth.

With BTC prices trending upwards, NVIDIA, Coinbase, and Block stand to benefit. NVIDIA produces GPUs for crypto mining, while Coinbase and Block facilitate crypto transactions. All three companies have positive earnings estimates and expected growth in the current year. Investors are optimistic about their prospects in a booming crypto market.



Read more at Nasdaq: Is $70k Near at Hand for BTC? NVDA, COIN, SQ to Gain