bullish

Bitcoin

Billion

Coin

This month has been well so far for <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin</a> and cryptocurrency markets. Bitcoin started with a sharp crash towards the $54K mark in the 1st week. Followed by a strong rebound towards the $66K in the second week of July. 
However, the last two weeks saw a loss in momentum as Bitcoin attempted to surpass the psychological $70K level. Selling pressure towards the $65K was observed as the price suffered at the $70K level.&nbsp; 
Nevertheless, on-chain metrics, weighted sentiment curve indicates BTC is in a positive territory. 
As the price suffered a 5% loss in the last couple of sessions, the open interest curve noted a significant drop of $1.75 Billion. At the time of writing, Bitcoin was exchanging hands close to $66K recording a mild intraday loss of 0.24%.&nbsp; 
<h2 class="wp-block-heading" id="h-open-interest-data-highlights-short-term-profit-booking">Open Interest Data Highlights Short Term Profit Booking</h2> 
With the recent drop in Bitcoin price, analysts noted a 12% change in the derivatives segment. Sentiment data shows, open interest contracts dropped from $14.5 Billion to $12.5 Billion in the last couple of sessions. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (BTC), Price (BTC)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-06-30T18%3A30%3A01.656Z&amp;dt=2024-07-31T18%3A29%3A59.656Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
Some analysts are correlating the recent drop in the number of OI data to a profit booking. The reason being that the BTC has made a sharp reversal from $54k to the higher supply of $70k, thus gaining over 25% in just two weeks.&nbsp; 
Despite the profit booking in BTC, the weighted sentiment curve has not withdrawn from the bullish territory, indicating the presence of bulls in the market. Closer observation shows that the weighted sentiment was discouraged to some extent in the recent sessions. However, it still managed to sustain in the bullish territory.&nbsp; <iframe loading="lazy" title="Santiment Chart: Negative sentiment (Total) (BTC), Positive sentiment (Total) (BTC), Weighted sentiment (Total) (BTC)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-06-30T18%3A30%3A01.656Z&amp;dt=2024-07-31T18%3A29%3A59.656Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221h%22%7D%3B%7B%22interval%22%3A%221h%22%7D%3B%7B%22interval%22%3A%221h%22%7D" scrolling="no"></iframe> 
The weighted sentiment curve highlights the overall bias of the majority of the traders and investors, whether bullish or bearish. The BTC weighted sentiment curve is hovering above the zero line.&nbsp; 
<h2 class="wp-block-heading" id="h-where-is-bitcoin-heading-next">Where is Bitcoin Heading Next?</h2> 
The daily chart highlights the formation of inclining parallel channel pattern with BTC stuck between the upper and lower boundaries of the channel. The recent sessions showed a loss of momentum in the bulls side. However, BTC is still in bullish territory.  
<a href="https://in.tradingview.com/chart/BTCUSD/MpMpzZmS-Bitcoin-Struggles-to-Surpass-70K-Yet-Maintains-a-Positive-Stan/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> &nbsp; <a href="https://in.tradingview.com/"> </a>  
BTC is hovering above the 20, 50 and 200 day EMAs, highlighting buyers’ dominance. $70K may act as a psychological resistance, which if breached, may unlock Bitcoin’s journey towards record highs.&nbsp; 
On the contrary, if BTC falls below $62K, it may invalidate a bullish continuation and the price may again crash towards the $60K level. 
At the time of writing, the relative strength index (RSI) line was placed at 61.03 points, whereas the 14 day SMA line was hovering near 56.37 points. Both the lines were placed above the mean line suggesting the price in a bullish territory.&nbsp; 
The post <a href="https://www.thecoinrepublic.com/2024/08/01/bitcoin-struggles-to-surpass-70k-yet-maintains-positive-stance/">Bitcoin Struggles To Surpass $70K, Yet Maintains Positive Stance</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin Struggles To Surpass $70K, Yet Maintains Positive Stance

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