Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Bitcoin whales are gathering BTC as the price increased nearly 4.5% from yesterday’s low, quickly surpassing the $67K threshold.
The Open Interest contracts have risen by $1.4 Billion intraday as BTC bounced back from the $64K level.
BTC Price Chart | Source: CoinStats
At the moment, Bitcoin was trading at $67.45K, following an intraday increase of 2.5%.
Bitcoin’s price rose nearly 4.5% from the previous day’s low, making a swift ascent above the $67K level. In recent sessions, BTC price faced selling pressure that resulted in a 3% decline during yesterday’s trading.
BTC bulls staged a strong recovery as the price experienced a sharp rebound, aided by support from Bitcoin whales. Alongside the rise in BTC price, the Open Interest contracts witnessed a notable increase of approximately $1.4 Billion within a single day.
Decoding the Derivatives Data
BTC derivatives data recorded a positive inflow of nearly $1.4 Billion in contracts as BTC rebounded from the daily lows of $63.5K. The rise in Open Interest contracts suggests that new positions are being established in anticipation of longer-term volatility.
Furthermore, the upcoming Bitcoin 2024 conference is generating interest due to Donald Trump’s participation. The Bitcoin 2024 conference is scheduled to take place in Nashville, Tennessee.
The recent increase in derivatives data indicates that short-term futures traders appear to be leaning towards long positions ahead of Donald Trump’s address at the Bitcoin 2024 conference.
Additionally, in anticipation of a favorable statement from Donald Trump, futures traders are significantly favoring long positions.
Consequently, even a minor pullback to $65,000 could jeopardize $1.4 Billion worth of long positions, according to data sourced from an on-chain analytics platform app.santiment.net.
Related Posts
Bitcoin Whales Found Accumulating Again
Moreover, the on-chain analytics platform CryptoQuant has reported considerable Bitcoin accumulation by large-volume investors, commonly referred to as whales.
This trend was also emphasized by CEO Ki-Young Ju, who characterized it as “unprecedented” in a recent post on X (formerly Twitter).
#Bitcoin is in an accumulation phase.
Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it's an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
He noted that approximately 358,000 BTC was transferred to permanent holder addresses over the last month. In July, global spot ETF inflows reached 53,000 BTC.
While not all BTC is held in custody wallets, the accumulation phase is evident. This suggests a significant transfer of wealth within the cryptocurrency market.
Additionally, the Total Value Locked (TVL) in Bitcoin is currently at $701.92 Million, indicating ongoing engagement and investment in the cryptocurrency sector.
Can Bitcoin Conquer the $70K Mark This Time?
The BTC/USD daily chart indicates a strong rebound yesterday, which continued today. The largest cryptocurrency experienced an impressive 2.5% rise intraday, reclaiming the $67K level. Furthermore, BTC rebounded from the 50-day EMA, reinforcing the bullish sentiment.
The long-term trend remains bullish, with the price approximately 14% above the 200-day EMA. The $68K level may serve as the latest obstacle, which, if surpassed, could facilitate a move towards $70K.
If BTC drops below the recent support level of $63K, it may invalidate the bullish outlook, leading to a further price decline.
At the time of writing, the MACD line and signal line indicated a divergence, suggesting the potential continuation of the trend.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
