Bitcoin Faces Challenges Amid S&P 500 Surge, But Potential For Bullish Rebound Remains

July 13, 2024

Despite a mild recovery to end the week, Bitcoin’s recent dip contrasts sharply with the continued flourishing of the S&P 500 and equities.

For the past three years, Bitcoin and broader crypto markets have often surged in tandem with traditional equities. The current lag suggests Bitcoin might be poised for an eventual bullish catch-up period.

The crypto market remains gripped by extreme fear. Over the past month, 58,956 BTC, valued at approximately $3.54 billion, were transferred to crypto exchanges, indicating heightened investor anxiety.

In a significant development, the German government has depleted its entire Bitcoin holdings after 25 days of active movements.

In the past 17 hours alone, the German government unloaded the allegedly remaining $525.4 million worth of Bitcoin. This included moving out 9,594 BTC ($554 million) at approximately $57,743 per Bitcoin and receiving back only 500 BTC ($28.55 million) at around $57,100. Following their last Bitcoin move, the price dropped about 2.3%, from $58.5K to $57.2K, before slightly rebounding.

On a positive note, Bitcoin appears to be forming an ascending triangle on the four-hour chart. A successful break above the $59,200 resistance level could potentially propel Bitcoin to $63,800.

Bitcoin ETFs Has Acquired Over $1.2 Billion In BTC Since July 5th

Since July 5, Bitcoin ETFs have acquired over $1.20 billion in BTC. On July 12, 2024, Bitcoin ETFs saw a net inflow of $310 million, marking the highest single-day inflow in the past 25 trading days. This week’s total inflow reached $1.05 billion, with no day of outflows. BlackRock (IBIT) led the leaderboard with a $120 million inflow, followed by Fidelity (FBTC) with $115 million.

Grayscale (GBTC) also saw an inflow of $23 million after three days of outflows. Cumulatively, the 10 US Bitcoin ETFs have amassed a net inflow of $15.81 billion after 126 trading days.

This activity suggests that despite current market fears, there is substantial institutional interest and investment in Bitcoin, indicating potential for a bullish rebound.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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About The Author

Will

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.