Bitcoin

Rekt

Spot

<p>After a spectacular drop, bitcoin rebounds and reaches $59,400. This impressive recovery comes despite significant BTC sales by governments and concerns regarding the distributions of the Mt. Gox estate. Let’s explore the factors behind this resurgence and what it means for the future of Bitcoin.</p>
<h2 id="h-a-market-influenced-by-government-sales">A Market Influenced by Government Sales</h2>
<p>Recent bitcoin sales by <a href="https://www.cointribune.com/en/germany-the-government-isnt-selling-its-bitcoins-the-truth/" target="_blank" rel="noopener noreferrer nofollow">the German</a> and US governments have raised market concerns. Ki Young Ju, CEO of CryptoQuant, points out, however, that these sales remain negligible compared to overall liquidity. Despite the psychological pressure, the market has shown remarkable resilience.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>On-chain transactions by governments often have more of a psychological impact than a real one. Indeed, the sale of BTC by the US government, which holds 213,297 BTC, contributed to volatility but was not enough to prevent the Bitcoin rebound.</p>
<p>Analysts observe that smart money is starting to replace dumb money, which strengthens market stability.</p>
<p>Despite low liquidity, Bitcoin and Ethereum recently hit lows that were aggressively bought up by investors.</p>
<p><a href="https://x.com/ki_young_ju/status/1810375247574741408" target="_blank" rel="noopener noreferrer nofollow">QCP Capital</a> noted an increase in speculative trading behaviors. Investors are reacting quickly to supply movements, indicating speculative selling pressure rather than actual demand.</p>
<p>Rekt Capital, a recognized analyst, noticed that the BTC shows signs of stability after the crash. He produced a chart illustrating the downtrend line that needs to be crossed for a full recovery.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>Bitcoin is showcasing some initial signs of stability after the crash<br><br>And in doing so, it is creeping closer to the Downtrend (light blue)<br><br>This Downtrend will be challenged if the Bullish Divergence plays out<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/2TrYTkvb4H" rel="noopener noreferrer nofollow">https://t.co/2TrYTkvb4H</a> <a href="https://t.co/vv98DSufPQ" rel="noopener noreferrer nofollow">pic.twitter.com/vv98DSufPQ</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1810646625993273791?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 9, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<p>Keith Alan from Material Indicators shares this cautious optimism, while noting that the market needs a catalyst to fully recover.</p>
<h3 id="h-spot-bitcoin-etfs-on-the-rise">Spot Bitcoin ETFs on the Rise</h3>
<p>Another key factor in this resurgence is the increase in net inflows into US spot Bitcoin ETFs. On Tuesday, these ETFs recorded net inflows of $216.33 million, extending a positive streak for the third consecutive day.</p>
<p>BlackRock’s IBIT generated the largest inflows with $121.03 million, followed by Fidelity’s FBTC with $90.95 million.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<p>In contrast, Grayscale’s GBTC, the second-largest Bitcoin ETF, recorded capital outflows of $37.5 million. In total, $1.19 billion in value was traded across the 11 spot Bitcoin funds on Tuesday, with a total net flow of $15.27 billion since their inception in January. This positive ETF momentum helps to reinforce investor confidence in Bitcoin.</p>
<p>Bitcoin has demonstrated impressive resilience after a period of turmoil. Government sales and psychological factors have certainly influenced the market, but Bitcoin has managed to soar again. Signs of stability and analyst optimism suggest that BTC could continue to grow.</p>
<p>The future of Bitcoin remains promising yet uncertain. Investors need to stay informed and ready to adjust their strategies based on market developments. With growing global adoption and favorable macroeconomic prospects, Bitcoin could well reach <a href="https://www.cointribune.com/en/bitcoins-next-surge-michael-saylors-unwavering-optimism/" target="_blank" rel="noopener noreferrer nofollow">new highs</a> in the coming months.</p>

Bitcoin is Taking Off Again After its Descent into Hell!

Table of Contents

Cointribune EN

Další články publikované 10. 7. 2024

Santa Monica Launches Bitcoin Office to Promote Cryptocurrency Education

Bitcoin to Reach $250K, Solana to Surge to $800: Here’s How And Why

70 Million XRP in 24 Hours, What's Happening?

Bitcoin Price Drops to $53,500

The Top Crypto Investment Pick: BlockDAG’s $56.9M Presale Beats Algorand & Bonk’s Price Growth

Is It Too Late To Buy ZACK? Zack Morris Price Surges 57% And This Might Be The Next Crypto To Exp...

Join our free newsletter for daily crypto updates!