Based

Bitcoin

Impact

Rise

Trillion

BTC’s recent recovery from $54000 shows nearly 25% growth, where the price exchanged hands at $66649.
Moreover, the <a href="https://www.thecoinrepublic.com/2024/07/24/mt-gox-customers-making-100x-3000x-gains-on-bitcoin-heres-how/" rel="noopener noreferrer nofollow">investor’s address holding the asset</a> from lower prices now sits in the money. Many have missed it, which they might regret, but indeed, BTC has proven to be a good investment.&nbsp;
<h2 class="wp-block-heading" id="h-analysis-amp-possible-impact-on-market-trends">Analysis &amp; Possible Impact on Market Trends</h2>
BTC’s latest on-chain data from Cryptoquant shows a substantial degradation. The number of deposit addresses across all exchanges has reached below 25,000, precisely 16,150 addresses.
Deposit addresses beneath 25,000 is a critical indication of a strategy shift of Bitcoin holding among investors. The decrease was noted in the number of addresses on all exchanges that are willing to facilitate Bitcoin trade. Basically, holders preferred to retain their assets in anticipation of further price appreciation in the future.
The decline gives a bullish perspective. The current trend highlights strengthening confidence among <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> investors.
This could have been driven by many factors, including increased institutional (whales or larger addresses) investment in cryptocurrencies.
<figure class="wp-block-image size-large"><img fetchpriority="high" decoding="async" width="1024" height="576" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-1024x576.png" alt="All Exchanges Data For Depositing Addresses Of BTC | Source: CryptoQuant" class="wp-image-621618" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-1024x576.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-300x169.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-768x432.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-1536x864.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-150x84.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-696x392.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97-1068x601.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-97.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 All Exchanges Data For Depositing Addresses Of BTC | Source: CryptoQuant
 </figcaption>
</figure>
A decreased willingness to sell BTC could lead to a possible reduction in the market supply. Thus, a steady or increased demand may cause price advancement in the future.
<h2 class="wp-block-heading" id="h-assessing-btc-s-potential-to-rise-further">Assessing BTC’s Potential to Rise Further</h2>
BTC rallied after a hint of bullishness displayed over the past 18 days when it sustained by July 5th at the $56393 mark. As of writing, it had surpassed $66150, and it presents the possibility it could continue to rally higher in coming sessions.
Indicators have been bullish: the EMA bands have been overtaken from below. MACD showed a histogram-growing upside at 966.56, and RSI flashed at 60.55. 
<a href="https://in.tradingview.com/chart/BTCUSD/4z6UWH9j-Is-BTC-To-Shoot-Higher/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/u/Sam_TCR/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Based on the optimism, if the rally keeps increasing, then resistances could be at $68500 and $70100, respectively. However, failing below $66150 could lead to the next support at $63400.
The crypto has the largest market cap and ranks 1st among the global crypto list. The market cap reached $1.311 Trillion, which was reduced earlier to $1.07 Trillion by July 5th. The 24-hour volume surged by 34.26% to $44.04 Billion.
Additionally, the liquidity in BTC appears moderate to good. The 24-hour volume-to-market cap ratio stands at 3.42%, which appears to be improving and is one of the healthy traits (DYOR).
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="581" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-1024x581.png" alt="Holders Rich List | Source: Coincarp" class="wp-image-621613" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-1024x581.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-300x170.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-768x436.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-1536x872.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-150x85.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-696x395.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96-1068x606.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-96.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Holders Rich List | Source: Coincarp
 </figcaption>
</figure>
As per the rich list on the Coincarp website, the top 50 holders’ addresses hold 12.01% of the supply in circulation. The total number of BTC holders is 53.691 Million; the top 100 holders’ addresses hold 14.84% of the circulation.
<h2 class="wp-block-heading" id="h-btc-rallied-25-from-54-000">BTC Rallied 25% From $54,000</h2>
Bitcoin rallied 25% from $54,000, with investors holding strong. Decreased deposit addresses signal bullish sentiment. Technical indicators support further upside, but caution is advised. The market cap surged to $1.3 Trillion, and liquidity improved.
The post <a href="https://www.thecoinrepublic.com/2024/07/25/bitcoin-price-to-push-for-70k-amid-high-investor-confidence/" rel="noopener noreferrer nofollow">Bitcoin Price to Push for $70K Amid High Investor Confidence?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Bitcoin Price to Push for $70K Amid High Investor Confidence?

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