Bitcoin Rebounds To 67K Amid Increased OI Data & Whales Activity
Bitcoin Rebounds To 67K Amid Increased OI Data & Whales Activity
The Open Interest contracts have noted a surge of $1.4 Billion a day as BTC price took a rebound from 64K.
At the time of writing, Bitcoin was exchanging hands close to 67.45K recording a strong intraday development of 2.5%.
Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the 67K. For the last few sessions, BTC was suffering a selling pressure which deepened yesterday losing over 3%.
However, the bulls made a strong comeback in the later session yesterday and the price took a sharp rebound rising over 3.5% to close higher. Furthermore, along with the advancement in the BTC price, the Open Interest contracts saw a significant surge of nearly $1.4 Billion a day.
Decoding The Derivatives Data
The Bitcoin derivatives data recorded a positive inflow of nearly $1.4 Billion contracts as the BTC price took a rebound from the day low of 63.5K. The increase in Open Interest contracts indicates new positions being opened for longer term expectations of volatility.
Moreover, the recent Bitcoin 2024 conference is creating a buzz due to Donald's Trump presence. The Bitcoin 2024 conference is set to be held in Nashville, Tennessee.
The recent surge in derivatives data highlights that the short term futures traders seemed to be skewing towards long positions ahead of Donald Trump's speech at the Bitcoin's 2024 conference.
Additionally, in hope of a positive remark from Donald Trump, the Future traders are heavily skewed toward long positions. As a results, Even a slight retrace back towards $65,000 may put $1.4 billion worth of long positions at risk, according to data obtained from an on-chain analytics website app.santiment.net
Bitcoin Whales Found Accumulating Again
Furthermore, On-chain analytics platform CryptoQuant has observed significant Bitcoin accumulation by large-volume investors, known as whales. Also, the same was highlighted by the CEO Ki-Young Ju who described this trend as “unprecedented,” in a recent post on X (formerly twitter).
x.com/ki_young_ju/status/1816171584970789153
He mentioned that nearly 358,000 BTC has been moved to permanent holder addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC.
Although not all BTC is in custody wallets, the accumulation phase is clear, indicating a substantial transfer of wealth within the crypto market. Additionally, the Total Value Locked (TVL) in Bitcoin stands at $701.92 million, reflecting ongoing engagement and investment in the cryptocurrency market.
Can Bitcoin Conquer The 70K Mark This Time?
BTC/USD daily chart highlights of a strong rebound yesterday, which resumed today as well. The largest cryptocurrency saw an impressive 2.5% rise in intraday reclaiming back the
67K mark. Moreover, the BTC price took a rebound from the 50 day Exponential moving average suggesting a bullish continuation.
The long term trend is already bullish as the price hovers nearly 14% higher than the 200 day exponential moving average. The 68k may act as the most recent hurdle which once surpassed could pave the way towards $70 K.
On the contrary, if the price suffers below the recent support of 63K, it may invalidate the bullish scenario and the price may retreat further. At the time of writing, the MACD (moving average convergence divergence) line and signal line was revealing a divergence suggesting a trend continuation.
Keyword: Bitcoin
Meta Description: Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the 67K.
The Open Interest contracts have noted a surge of $1.4 Billion a day as BTC price took a rebound from 64K.
At the time of writing, Bitcoin was exchanging hands close to 67.45K recording a strong intraday development of 2.5%.
Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the 67K. For the last few sessions, BTC was suffering a selling pressure which deepened yesterday losing over 3%.
However, the bulls made a strong comeback in the later session yesterday and the price took a sharp rebound rising over 3.5% to close higher. Furthermore, along with the advancement in the BTC price, the Open Interest contracts saw a significant surge of nearly $1.4 Billion a day.
Decoding The Derivatives Data
The Bitcoin derivatives data recorded a positive inflow of nearly $1.4 Billion contracts as the BTC price took a rebound from the day low of 63.5K. The increase in Open Interest contracts indicates new positions being opened for longer term expectations of volatility.
Moreover, the recent Bitcoin 2024 conference is creating a buzz due to Donald's Trump presence. The Bitcoin 2024 conference is set to be held in Nashville, Tennessee.
The recent surge in derivatives data highlights that the short term futures traders seemed to be skewing towards long positions ahead of Donald Trump's speech at the Bitcoin's 2024 conference.
Additionally, in hope of a positive remark from Donald Trump, the Future traders are heavily skewed toward long positions. As a results, Even a slight retrace back towards $65,000 may put $1.4 billion worth of long positions at risk, according to data obtained from an on-chain analytics website app.santiment.net
Bitcoin Whales Found Accumulating Again
Furthermore, On-chain analytics platform CryptoQuant has observed significant Bitcoin accumulation by large-volume investors, known as whales. Also, the same was highlighted by the CEO Ki-Young Ju who described this trend as “unprecedented,” in a recent post on X (formerly twitter).
x.com/ki_young_ju/status/1816171584970789153
He mentioned that nearly 358,000 BTC has been moved to permanent holder addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC.
Although not all BTC is in custody wallets, the accumulation phase is clear, indicating a substantial transfer of wealth within the crypto market. Additionally, the Total Value Locked (TVL) in Bitcoin stands at $701.92 million, reflecting ongoing engagement and investment in the cryptocurrency market.
Can Bitcoin Conquer The 70K Mark This Time?
BTC/USD daily chart highlights of a strong rebound yesterday, which resumed today as well. The largest cryptocurrency saw an impressive 2.5% rise in intraday reclaiming back the
67K mark. Moreover, the BTC price took a rebound from the 50 day Exponential moving average suggesting a bullish continuation. The long term trend is already bullish as the price hovers nearly 14% higher than the 200 day exponential moving average. The 68k may act as the most recent hurdle which once surpassed could pave the way towards $70 K.
On the contrary, if the price suffers below the recent support of 63K, it may invalidate the bullish scenario and the price may retreat further. At the time of writing, the MACD (moving average convergence divergence) line and signal line was revealing a divergence suggesting a trend continuation.
Keyword: Bitcoin
Meta Description: Bitcoin surged nearly 4.5% from yesterday's low, and has again registered its presence above the 67K.
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