Bitcoin soars refreshingly on the first day of July...Altcoins also rebound

BTC, low price purchase tax and miner selling pressure eased
It rebounded by about 4.5% from the morning of the 1st... Exceeded $63,000
Expert: “There will be no hemorrhage in the Mt. Gox market.”
BTC rebound fills the market with optimism

Bitcoin (BTC) surged about 4.5% in the morning, surpassing $63,000 due to low-price buying and easing selling pressure from miners.

It is analyzed that Bitcoin's surge occurred due to the end of sales of production volumes by Bitcoin miners.

Crypto Dan, a digital asset (cryptocurrency) expert, said through his “It appears that the quantity of Bitcoin sold in the over-the-counter (OTC) market has also been exhausted,” he wrote.

As Bitcoin rebounded, many altcoins recorded rebound rates similar to Bitcoin. In the case of 'light' altcoins with low market capitalization, they recorded a rise of more than 10%.

Some of the digital assets that recorded strong intraday rebounds showed some signs of weakness in the late afternoon.

◇Bitcoin = As of 5 p.m. on the 1st, the price of Bitcoin (BTC) is 88.74 million won as of Upbit. Bitcoin market share (dominance) was 54.75%.

As Bitcoin soared, there was analysis that a Bitcoin rally would begin in the third quarter if Bitcoin crossed a certain support line.

NewsBTC, a media outlet specializing in digital assets, predicted that Bitcoin would exceed $63,000 before Bitcoin surpassed $63,000 and pointed out that the main sections for the Bitcoin rally were $63,650 and $64,400.

NewsBT stated, “Bitcoin appears to have broken through the 100-hour moving average and settled down,” and added, “According to on-chain data, the main selling price is concentrated at $63,650.” He then emphasized, “The next major resistance is $64,400, and if this range is surpassed, a steady rise in Bitcoin is expected.”

It was also revealed that the market impact from Mt. Gox's debt repayment would not be as large as expected.

Alex Thorne, a digital asset (cryptocurrency) expert, predicted in a YouTube podcast on the 1st that the volume pouring into the market in the short term will not be as large as feared due to Mt. Gox's complicated repayment debt direction and creditor situation. He said, “Depending on the various interests surrounding Mt. Gox bonds, including liquidity providers, creditors want to sell Bitcoin at a high price, and as such, they will not immediately pour out repayment volume into the market.”

◇ Rising Coin = As of Upbit at 5 PM on the 1st, the digital asset that recorded the largest increase compared to the previous trading day was TAIKO, showing an increase of approximately 15%.

Tyco is an Ethereum layer 2 network that verifies block state transitions using zero-knowledge proofs. TAIKO is the native token of the TAIKO project.

In the case of Tyco, it is a de facto 'Kimchi Coin' with a low market capitalization and major trading volume occurring on Upbit. Tyco's surge, which occurred without any particular reason, is being interpreted as intentional 'pumping' by the powers that be.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Neutral’ stage with 53 points. The neutral stage is a period where psychological resistance and support from market participants appear, and important decisions regarding future price movements occur.

Reporter Seungwon Kwon ksw@