The price of Bitcoin has surged back above $63,500, surpassing the average realized price for short-term investors.
This bullish momentum is bolstered by substantial inflows into digital asset investment products.
#Bitcoin Bounces Back: Key Indicators Point to Continued Growth
“The price of Bitcoin has returned above $63,500, which is above the average realized price (purchase price) for short-term investors.” – By @IT_Tech_PL
Explore the key points 👇https://t.co/HvQXzPgws1 pic.twitter.com/pc5KRrwSej
— CryptoQuant.com (@cryptoquant_com) July 29, 2024
CoinShares reports that these products saw $245 million in inflows last week, including a remarkable $519 million in Bitcoin alone. This brings Bitcoin’s inflows for the month to $3.6 billion and its year-to-date inflows to a record $19 billion. In contrast, Ethereum experienced a net outflow of $285 million.
According to CoinShares, digital asset investment products saw $245 million in inflows last week, including $519 million in Bitcoin, bringing its inflows so far this month to $3.6 billion and its year-to-date inflows to a record $19 billion. Ethereum saw a net outflow of $285…
— Wu Blockchain (@WuBlockchain) July 29, 2024
According to Intotheblock, almost all Bitcoin holders are now in profit as $BTC steadily approaches its all-time high. Despite this, the TD Sequential indicator has presented a sell signal on the Bitcoin hourly chart, suggesting a brief correction could occur before the uptrend continues.
The TD Sequential presents a sell signal on the #Bitcoin hourly chart, anticipating a brief correction before the continuation of the $BTC uptrend. pic.twitter.com/g6MwWBQAl6
— Ali (@ali_charts) July 29, 2024
Over Half Of Accounts With Open Position Shorts Bitcoin
Interestingly, 55% of accounts with open Bitcoin positions on Binance Futures are currently shorting Bitcoin. If $BTC surges to $70,356, approximately $74.83 million in short positions would be liquidated.
55% of accounts with open $BTC positions in #Binance Futures are currently shorting #Bitcoin! pic.twitter.com/yGNbaJiwXR
— Ali (@ali_charts) July 29, 2024
A lot of people are shorting #Bitcoin. So, $74.83 million will be liquidated if $BTC surges to $70,356! pic.twitter.com/6Vi1BqQ39n
— Ali (@ali_charts) July 29, 2024
Data from Spotonchain indicates that Bitcoin could see significant price movements in the near future. Projections suggest that $BTC could reach $100,000 in the latter half of 2024 and potentially hit $150,000 in the first half of 2025.
✅✅ Similar to what we predicted in April, the #Bitcoin price had dipped to as low as $54.7K and is now rebounding to $70K in this turbulent July.
In the upcoming months, we expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter… https://t.co/lie8sHEtS4 pic.twitter.com/NEChnh6DmX
— Spot On Chain (@spotonchain) July 29, 2024
With Bitcoin’s price climbing and substantial inflows from investors, the outlook remains positive despite potential short-term corrections. The market sentiment suggests continued growth, with significant milestones anticipated in the coming years.
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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