News

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

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.

Related Post

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: strelok/123RF // Image Effects by Colorcinch

Will Izuchukwu

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.

Share
Published by
Will Izuchukwu

Recent Posts

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

5 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

15 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

15 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

15 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

15 hours ago

Plus Wallet vs. OKX: A Look at Security, Privacy, and Global Accessibility

A Complete Comparative Analysis of Plus Wallet & OKX: Security, Privacy, Accessibility & Rewards Choosing…

21 hours ago