Bitcoin Surges Past $59,000 Amid Market Volatility, BOSS Wallet's Zero-Gas Fee Feature Gains TractionBitcoins price breached the $59,000 mark on July 10, but this doesnt necessarily signal a complete end to market volatility. Despite easing panic, the price has failed to effectively break below the $55,000 support level, indicating a likely period of continued fluctuation with neither substantial gains nor losses anticipated in the short term
Bitcoin Surges Past $59,000 Amid Market Volatility, BOSS Wallet's Zero-Gas Fee Feature Gains Traction
Bitcoins price breached the $59,000 mark on July 10, but this doesnt necessarily signal a complete end to market volatility. Despite easing panic, the price has failed to effectively break below the $55,000 support level, indicating a likely period of continued fluctuation with neither substantial gains nor losses anticipated in the short term.
German Government Bitcoin Sale Dampens Market Confidence
Over the past three days, the German government has been selling Bitcoin, albeit in small quantities. These sales, however, have negatively impacted the markets bullish sentiment. With nearly 30,000 Bitcoins remaining in the governments web3 wallet, further frequent withdrawals, even in small amounts, could further pressure the market.
Short-Term Bitcoin Price Prediction
Bitcoin currently trades within the $54,000 - $59,000 range, and is expected to remain in this volatile state, likely reacting to market news. Should Bitcoin rebound to the $60,000 - $62,000 level and fail to break through, it could potentially see another decline.
Technical Indicator Analysis: Short-Term Buy/Sell Points
Based on predicted market trends, the 4-hour BTC buy/sell point indicator analysis reveals multiple opportunities:
- Buy Points: 56319.53 (50-day moving average crosses above the 200-day moving average) and 56085.6 (RSI divergence area);
- Long Stop Loss Point: 56249.54.
- Sell Points: 59341.12 (long-term trendline resistance) and 59814.03 (above average pressure);
- Short Stop Loss Point: 59641.93.
- Key Support Level: 56768.0.
- Resistance Level: 58876.0.
Important Market News
- Following Powell's testimony, traders estimate a greater than 70% probability of the first Fed rate cut in September. This news could have a positive impact on market sentiment, but the extent of its influence remains to be seen.
- Spot Bitcoin ETFs purchased $438 million worth of Bitcoin between July 5-7. This signifies continued institutional investor confidence in Bitcoin, providing potential support for the market.
- The German government wallet transferred 6,307 BTC in the past 24 hours, bringing its current holdings to 23,964 BTC. While the amount is relatively small, it could still negatively impact market confidence to some degree.
- The Australian Spot Bitcoin ETF (IBTC) has increased its holdings by 80 BTC, representing a nominal value of over $1.351 billion since its launch on July 10. This indicates growing institutional investor enthusiasm for Bitcoin.
- BTC options and $446 million ETH option contracts are set to expire on Friday (July 12). This could cause market fluctuations, and close monitoring is advised.
BOSS Wallet: Multi-Chain Self-Custodial Wallet with Zero-Gas Fee Transactions
Amidst market instability, BOSS Wallet, a self-custodial multi-chain wallet, has garnered increasing attention thanks to its zero-gas fee transaction capability.
Zero-Gas Fee Transactions: The Future of Wallet Development
BOSS Wallet supports over 100 major blockchains and their assets, including BTC, USDT, USDC, SOL, Solana, Ethereum, BNB Chain, and TRON, providing users with comprehensive digital wallet functionalities for managing their digital assets.
Currently, Ethereum network users incur gas fees for transactions and smart contract interactions, adding to transaction costs. With the emergence of Ethereum 2.0 upgrades and efficient consensus mechanisms like Solana and Cardano, zero-gas fee transactions are expected to become a reality in 2024. Wallets like BOSSWallet.com, imToken, and MetaMask will then support zero-gas fee transactions, reducing user transaction costs and enhancing their competitiveness.
BOSS Wallet: Zero-Gas Fee Mechanism
BOSS Wallets zero-gas fee transactions operate akin to a membership card system. Upon registration, users receive a certain number of zero-gas privileges, enabling them to conduct transactions across over 100 blockchains without paying gas fees. However, this doesn't imply completely free transactions on all blockchains.
BOSSWallet.com has implemented an energy rental mechanism on the TRON network, allowing users to lease energy, reducing TRX consumption by 70-80% or gaining more zero-gas privileges. This mechanism provides users with greater flexibility in managing transaction costs and improving efficiency.
BOSS Wallet is also planning to introduce similar technical solutions across other blockchains, further enhancing the user experience.
Conclusion
The Bitcoin market is currently in a volatile phase, with substantial gains or losses unlikely in the short term. While the German governments continued Bitcoin sales, although small in scale, have negatively impacted market confidence, BOSS Wallet stands out with its zero-gas fee transactions, offering users a more convenient and cost-effective digital asset management experience.
Investment Advice
Investing involves inherent risks. Stay informed of market shifts and implement proper risk management. Make investment decisions based on your individual circumstances and avoid blind following.
Disclaimer
This information is for informational purposes only and should not be considered investment advice. Markets involve risks, and investing requires caution.
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