bullish

Bitcoin

Million

Rekt

The Bitcoin price climbed above $60K in the last 24 hours following a 6% <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">jump</a> as IntoTheBlock says the uptrend in new crypto addresses in recent weeks might be a sign of “renewed interest” from retail investors.
“The number of daily new addresses has trended downward” since November 2023, IntoTheBlock said in an Aug. 8 X <a href="https://x.com/intotheblock/status/1821593270314791072" rel="noopener noreferrer nofollow">post</a>. “However, the trend seems to be shifting, with the number of new addresses trending upward in more recent weeks,” the on-chain monitoring firm added.&nbsp;
<img decoding="async" src="https://www.forbes.com/advisor/wp-content/uploads/2022/06/crypto_market.jpeg.jpg" alt="August 2024 Crypto Market Forecast – Forbes Advisor">
<h2 id="span-style-font-weight-400-over-158m-liquidated-from-short-positions-span">Over $158M Liquidated From Short Positions</h2>
The <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-as-blackrock-boomers-hold-onto-btc-etfs-despite-the-market-crash" rel="noopener noreferrer nofollow">Bitcoin</a> price managed to rise to an intraday high of $62,673.76 throughout the past day of trading. This was after it established its low for the same period at $56,740.87. BTC has pulled back since it briefly broke above $62K to trade at $60,872.91 as of 3:45 a.m. EST.
Overall, crypto prices rose in the last 24 hours. This resulted in over $158.1 million being liquidated from short trades in the last 24 hours, according to <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass data</a>. Meanwhile, only $64 million was wiped out from long positions during the same period.
<h2 id="span-style-font-weight-400-analysts-bullish-on-bitcoin-but-jpmorgan-remains-cautious-span">Analysts Bullish On Bitcoin, But JPMorgan Remains Cautious</h2>
Renowned trader and analyst Michael van de Poppe predicted in an Aug. 8 <a href="https://x.com/CryptoMichNL/status/1821592209948569666" rel="noopener noreferrer nofollow">X post</a> that a weekly candle close for this week above $57K could signal that the market leader has established its bottom for the latest correction.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>
 Bitcoin has successfully broken above $60600
 Dips into $60600, if any at all, would constitute a retest attempt of that level
 Generally, continued stability above $60600 and BTC will be able to revisit the $65000 (blue) over time<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/mrcMTItdHb" rel="noopener noreferrer nofollow">https://t.co/mrcMTItdHb</a> <a href="https://t.co/CM811uBoto" rel="noopener noreferrer nofollow">pic.twitter.com/CM811uBoto</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1821689303279501372?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Pseudonymous analyst Rekt Capital echoed the same bullish sentiment on X. Following BTC’s break above $60,600, he believes that stabilization above this mark could lead to the crypto rising to $65,000 “over time.”
While analysts are bullish on <a href="https://insidebitcoins.com/news/bitcoin-plunges-below-52k-and-ethereum-slumps-23-amid-panic-selling-as-japan-rate-hike-spooks-investors" rel="noopener noreferrer nofollow">BTC</a>, banking giant JPMorgan believes catalysts that could push Bitcoin’s price higher are mostly factored in. The bank’s team said it remains cautious on crypto given the “limited de-risking in the CME bitcoin futures” and because equity markets still look “vulnerable.”
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Bitcoin Breaks Above $60K As New Addresses Suggest “Renewed Interest” From Retail Investors

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