Bitcoin

Rekt

Three-quarters of short-term Bitcoin holders are now profitable, potentially giving Bitcoin’s price additional upward momentum.
This is thanks to Bitcoin’s recent rally, as <a href="https://insights.glassnode.com/the-week-onchain-week-30-2024/" target="_blank" rel="noopener nofollow">outlined</a> in a July 24 report by Glassnode:
<blockquote data-ct-non-breakable="true">
 “This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit. This can be seen within the STH-MVRV metric, which has now recovered above the break-even level of 1.0.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/1f84bca0-5b13-41bb-9403-c21057b90be0.png" alt="Over 75% of Bitcoin short-term holders in profit as BTC breaches $67K" title="">
 <figcaption style="text-align: center;">
 Bitcoin: Short-term holder MVRV. Source: Glassnode
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Bitcoin’s price rally offers significant relief for short-term holders, the cohort that saw over 90% of its supply in the red during late July.
The short-term holder cohort is often used as a proxy for investors looking to gauge Bitcoin demand and recent buying patterns.
Related: <a href="https://cointelegraph.com/news/marathon-digital-buys-100m-bitcoin-hodl-strategy">World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’</a>
<h2 data-ct-non-breakable="true" id="bitcoin-settles-above-key-support-level-despite-3-9-billion-futures-expiry">Bitcoin settles above key support level despite $3.9 billion futures expiry</h2>
Bitcoin’s price managed to settle above a key support level, despite a <a href="https://cointelegraph.com/news/bitcoin-price-drop-63k-futures-expiry">$3.9 billion BTC futures expiry</a>&nbsp;that threatened to take it to the $63,000 mark.
Following the rally, Bitcoin needs to hold above the current $65,000 mark, which acts as a key support, according to popular crypto analyst Rekt Capital, who <a href="https://x.com/rektcapital/status/1816749734268149839/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 26 X post:
<blockquote data-ct-non-breakable="true">
 “The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65000-$71500 region (red).”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/32114052-a45e-4740-9e44-ba72725c9a0c.png" alt="Over 75% of Bitcoin short-term holders in profit as BTC breaches $67K" title="">
 <figcaption style="text-align: center;">
 BTC/USD, one-day chart. Source: Rekt Capital
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Related: <a href="https://cointelegraph.com/news/franklin-templeton-sbi-holdings-launch-crypto-etf-japan">Japan crypto ETFs boosted by Franklin Templeton and SBI Holdings partnership</a>
<h3 id="btc-faces-significant-resistance-at-68-000">BTC faces significant resistance at $68,000</h3>
Despite the bullish price recovery, Bitcoin faces significant resistance at the psychological $68,000 mark.
Nearly $700 million worth of cumulative leveraged short positions stand to be liquidated across all exchanges if Bitcoin manages to rise above the $68,000 mark, according to CoinGlass <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">data</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/d73e5bdc-57e1-400f-9318-c94d277c2019.png" alt="Over 75% of Bitcoin short-term holders in profit as BTC breaches $67K" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Short liquidations would surpass $1 billion above the $68,500 mark, but reaching that level would depend on the inflows from the US spot Bitcoin <a href="https://cointelegraph.com/learn/different-types-of-etfs">exchange-traded funds (ETFs)</a>.
<a href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter">Inflows</a> into the US spot Bitcoin ETFs have been slowing down since July 23, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">reaching</a> $31.1 million in cumulative inflows on July 25, according to Farside Investors data.
Magazine: <a href="https://cointelegraph.com/magazine/toyota-ethereum-mobility-hong-kong-inverse-bitcoin-etf-asia-express/">Toyota’s love for Ethereum, HK nods inverse Bitcoin ETF, stablecoin: Asia Express</a>

Over 75% of Bitcoin short-term holders in profit as BTC breaches $67K

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