CoinDesk 20 Index: 2,043.76 +1.57%
Bitcoin (BTC): $64,424.83 +0.77%
Ether (ETH): $2,594.12 +2.11%
S&P 500: 5,859.85 +0.77%
Gold: $2,652.24 +0.11%
Nikkei 225: 39,910.55 +0.77%

Bitcoin's rally has been tempered slightly, having moved above $66,000 for the first time in three weeks on Monday. BTC largely traded between $65,200 and $65,800 throughout the Asian and European mornings, around 0.9% higher in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, has risen 1.5%. Attention had turned to Vice President Kamala Harris' campaign on Monday for further details of what a crypto regulatory framework would look like under her presidency. However, she did not mention cryptocurrency, digital assets or blockchain in her latest campaign speech.

Bitcoin ETFs registered $556 million in inflows on Monday, their highest in over four months. Fidelity's FBTC led the way with gains of $239 million, while Bitwise's BITB was a distant second with $100 million. The inflows marked a multi-month high for bitcoin ETFs, as the last time they registered higher gains was on June 4, when they hit $886.75 million. This also preceded the last time bitcoin eclipsed the $70,000 mark on June 6, suggesting BTC is primed for further gains. Traders on Polymarket are offering a 64% possibility of bitcoin reaching another all-time high in 2024, which is nine percentage points higher than a week ago.

SingularityDAO plans to merge with Cogito Finance and SelfKey to form a combined project focused on tokenizing the AI economy. The new entity, Singularity Finance, will provide a layer-2 network for tokenizing assets like GPUs and offer AI-powered financial tools, according to an announcement shared with CoinDesk on Tuesday. The planned consolidation will see SelfKey's existing token, KEY, become Singularity Finance's new token SFI. SingularityDAO's SDAO and Cogito's CGV will merge into SFI at ratios of 1:80.353 and 1:10.89, respectively. This process will be subject to change based on stakeholder discussions.

The lesser-tracked "three-line break chart" now suggests bitcoin could be set for a move to record highs.

The chart shows that the breakout of the prolonged descending channel happened on Monday and the broader uptrend from October 2023 lows near $30,000 has resumed. The bull victory could lead to record highs above $73,000.

The line break chart consists of vertical blocks called lines or bars (green and red). A bullish reversal, represented by a new lineup (green bar), happens when the price moves higher than the highest point of the last three red lines. A new red line (bearish reversal) occurs when the price moves below the lowest point for the previous three green lines.

A bullish continuation occurs when the price moves above the previous green line, confirming an extension of the already-established uptrend, as happened on Monday.

Nevertheless, that bitcoin has consistently failed to secure a foothold above $70,000 since March suggests BTC could encounter stiff resistance around that level.

- Omkar Godbole