The Bitcoin price has surged 10.8% in the past week and 0.2% to trade at $64,612, accompanied by a 22% plunge in trading volume to $35 billion. This surge comes as renowned crypto analyst Michael van de Poppe points out the growing institutional interest in Bitcoin, as evidenced by the increasing net inflows in Bitcoin ETFs. Recent data also shows that Bitcoin has experienced its largest net inflow since June.
The largest amount of net inflow for #Bitcoin since the end of June!
Advertisement
Despite the negative news, Bitcoin’s price is stable at $65K with consistent institutional inflow.
It’s only a matter of time before we see Bitcoin at $100K. pic.twitter.com/f46xvn7SkJ
— Michaël van de Poppe (@CryptoMichNL) July 17, 2024
Van de Poppe remains optimistic about Bitcoin’s future, predicting it won’t be long before the cryptocurrency hits the $100,000 mark. Despite this positive outlook, Bitcoin’s price dipped slightly by 0.42% in the past 24 hours, now trading at $64,776.
The latest analysis from on-chain analytics platform Santiment shows a significant drop in the number of Bitcoin holders, with addresses holding more than zero Bitcoin decreasing by 672,510 over the past month. This trend indicates that traders are losing confidence, seemingly convinced that the all-time high reached in March 2024 was the peak for the year.
👋 Bitcoin's amount of holders (any wallets with >0 coins) have been dropping aggressively as traders still seem to believe the March ATH was as good as it's going to get in 2024. When we see mass liquidations like this, the probability of a continued rebound only increases. pic.twitter.com/YTHEFTtfhY
— Santiment (@santimentfeed) July 17, 2024
Bitcoin briefly reached $66,000, continuing its recovery after a rough few weeks. Despite this rebound, some investors remain hesitant to return, believing that the March all-time high might be the best it gets in 2024.
Bitcoin Price Statistics
- Bitcoin Price: $64612
- Market Cap: $1.27 trillion
- Trading Volume: $30 billion
- Circulating Supply: 19 million
- Total Supply: 21 million
The Bitcoin Price Potential Bull Rally Above the Bullish Pennant
Bitcoin price is still trading within the bullish pennant formation. This indicates that bulls might be gearing up for a rally above the pennant. The formation suggests a possible upward trend, hinting that the bullish momentum could persist and drive prices beyond Bitcoin’s previous all-time high.
Bitcoin price signals a rebound on the 200-day simple moving average (SMA), but it is currently experiencing resistance at the 50-day SMA. A potential rise in Bitcoin’s price could validate expectations of breaking above the 50-day SMA and surpassing the pennant’s upper trendline.
Despite the Relative Strength Index (RSI) showing a brief bearish trend, it has reversed from 30 oversold level, crossing the midline level of 50 to 59, indicating intense buying pressure. This increased selling pressure suggests a potential downside to the 30 oversold region.
Furthermore, the sentiment is reinforced by the green histogram bars on the Moving Average Convergence Divergence (MACD) indicator and a recent crossover, in which the blue average line has moved above the orange signal line.
Can the Bitcoin Bulls Sustain the Momentum Beyond the Pennant
Bitcoin’s price is set for a major bull rally, even after a recent dip to the 50-day SMA. Traders are leveraging the bullish pennant to push for a potential new all-time high of $86,527. However, if bears keep pushing the price down, it might fall below the 50-day SMA to around $65,827, and further pressure could drive it down to the lower trendline at approximately $61,514.
Last week, the crypto market lost $110 billion in total market capitalization. Bitcoin dropped by 3%, while altcoins saw even bigger losses, causing investor concerns. Despite these setbacks, there’s still optimism for a quick recovery in the altcoin market.
Meanwhile, U.S. spot Bitcoin ETFs have seen nine consecutive days of net inflows, indicating strong investor interest. Although inflows declined from the previous day, top funds like BlackRock’s IBIT and Fidelity’s FBTC remain popular among investors.
Advertisement
