Bitcoin's rise to 0.07 million1 thousand dollars depends on key factors
Bitcoin's rise to 0.07 million1 thousand dollars depends on key factors - find out...
Kelvin Muriti July 27, 2024
Bitcoin showed a bullish reversal after retesting the $63,193.80 support level.
Demand for spot Bitcoin ETFs has surpassed new supply.
Bitcoin [BTC] retested key support levels at $63,193.80. This level previously acted as strong support, and King Coin's ability to bounce back from it suggested a potential bullish turn.
The price movement suggested that Bitcoin had established a solid foundation for a potential bullish rebound.
Bitcoin's price was aiming for $71,972.46 at press time. This is the next critical level of support.
Source: TradingView
As can be seen from the chart, BTC could challenge its all-time high of $73,835.57 if the aforementioned resistance levels are breached.
Demand for spot Bitcoin ETFs exceeds new supply
There are a number of bullish indicators supporting the upward trend. One notable indicator was the rapid growth in demand for spot Bitcoin ETFs, which surpassed supply during this half-life period.
According to a recent tweet by crypto analyst Ali, this surge in demand indicates a strong accumulation phase.
This imbalance between the number of coins available and increased buying pressure has created a favorable environment for further price increases.
Source: X
Strong fundamentals
The momentum surrounding Bitcoin market value to realized value (MVRV) further supported the positive view.
According to Glassnode, this sign suggested the continuation of BTC 2024 as investor profitability remained positive. MVRV showed healthy market sentiment towards BTC over the long term.
Source: Glassnode
The same analyst previously reported that Bitcoin could recover to $65,200 in order to liquidate $42.16 million in short positions. These predictions have now passed.
Read Bitcoin's [BTC] price prediction 2024-25
At press time, the liquidation heatmap showed a bullish bias in the market and indicated a potential bullish rally for King Coin.
Source: coin glass
Bitcoin's current price fluctuations, along with strong demand and positive investor sentiment, indicate a bullish phase ahead. The $63,193.80 support level is a solid step for further gains.
Kelvin Muriti July 27, 2024
Bitcoin showed a bullish reversal after retesting the $63,193.80 support level.
Demand for spot Bitcoin ETFs has surpassed new supply.
Bitcoin [BTC] retested key support levels at $63,193.80. This level previously acted as strong support, and King Coin's ability to bounce back from it suggested a potential bullish turn.
The price movement suggested that Bitcoin had established a solid foundation for a potential bullish rebound.
Bitcoin's price was aiming for $71,972.46 at press time. This is the next critical level of support.
Source: TradingView
As can be seen from the chart, BTC could challenge its all-time high of $73,835.57 if the aforementioned resistance levels are breached.
Demand for spot Bitcoin ETFs exceeds new supply
There are a number of bullish indicators supporting the upward trend. One notable indicator was the rapid growth in demand for spot Bitcoin ETFs, which surpassed supply during this half-life period.
According to a recent tweet by crypto analyst Ali, this surge in demand indicates a strong accumulation phase.
This imbalance between the number of coins available and increased buying pressure has created a favorable environment for further price increases.
Source: X
Strong fundamentals
The momentum surrounding Bitcoin market value to realized value (MVRV) further supported the positive view.
According to Glassnode, this sign suggested the continuation of BTC 2024 as investor profitability remained positive. MVRV showed healthy market sentiment towards BTC over the long term.
Source: Glassnode
The same analyst previously reported that Bitcoin could recover to $65,200 in order to liquidate $42.16 million in short positions. These predictions have now passed.
Read Bitcoin's [BTC] price prediction 2024-25
At press time, the liquidation heatmap showed a bullish bias in the market and indicated a potential bullish rally for King Coin.
Source: coin glass
Bitcoin's current price fluctuations, along with strong demand and positive investor sentiment, indicate a bullish phase ahead. The $63,193.80 support level is a solid step for further gains.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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