Bitcoin

Bitcoin&nbsp;offered a short-timeframe rebound at the July 24 Wall Street open as a popular analyst eyed a “tug-o-war” on exchanges.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/2c2c52b4-9d64-49cb-a84c-34e24ee1f417.png" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-pullback-preserves-key-support">Bitcoin “pullback” preserves key support</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and TradingView showed Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price action targeting $67,000, up around 1% on the day.
A trip lower, which some had <a href="https://x.com/rektcapital/status/1814715722540437905" target="_blank" rel="noopener nofollow">anticipated</a>, nonetheless preserved key support at both $65,000 and short-term holder realized price at $65,110.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/58e9b49e-eefe-4034-bdde-963747e61ca4.png" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 Source: <a href="https://x.com/rektcapital/status/1815818932843847732" target="_blank" rel="noopener nofollow">Rekt Capital</a>
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The latter level, as monitored by onchain analytics platform <a href="https://studio.glassnode.com/workbench/dd4d76e1-122d-4bcf-4e9e-6148ff59e944?zoom=all" target="_blank" rel="noopener nofollow">Glassnode</a>, represents the aggregate cost basis of Bitcoin speculators and was <a href="https://cointelegraph.com/news/bitcoin-price-bull-market-trendline-last-sparked-30-gains">recently reclaimed as support</a> after a brief absence.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/23eb086b-5725-4a35-b429-9aea689bb727.png" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 Bitcoin short-term holder cost basis. Source: Glassnode
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“Bitcoin has successfully reclaimed the key breakdown area,” popular trader Jelle <a href="https://x.com/CryptoJelleNL/status/1816030740938686736" target="_blank" rel="noopener nofollow">told</a> X followers in one of his latest posts, covering the four-hour chart.
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 “With local market structure firmly bullish, it looks like the market wants to give $72,000 another test.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/f8e4612e-2055-429b-b1e2-4b9c8c26ca19.jpeg" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 BTC/USDT chart. Source: Jelle/X
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Jelle added that data from onchain monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">CoinGlass</a> put potential short BTC liquidations around that area at $7 billion.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/7fe82a27-9657-4d17-8430-31136389c9e1.png" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
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As short time frames narrowed Bitcoin’s trading corridor, attention thus turned to the longer-term picture.
“Bitcoin Has now consolidated at the previous cycle’s high for 141 days,” fellow popular trader Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1815839803092717628" target="_blank" rel="noopener nofollow">noted</a> on X. 
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 “This is by far the longest time it has taken to fully break through a previous all time high. On the other hand, $BTC reached the all time high before the halving this cycle which was much faster.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/abe6349e-664d-45c0-8c61-7e7ee50727a1.jpeg" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 BTC/USD comparison. Source: Daan Crypto Trades/X
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<h2 data-ct-non-breakable="true" id="exchange-btc-balances-creep-up">Exchange BTC balances creep up</h2>
Weighing bullish and bearish market factors, meanwhile, Willy Woo, creator of onchain statistics platform Woobull, flagged two hurdles for Bitcoin to overcome next.
Related: <a href="https://cointelegraph.com/news/bitcoin-massive-rally-buy-signal-1st-time-year">Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year</a>
These included payouts to creditors of defunct exchange Mt. Gox, which is&nbsp;<a href="https://cointelegraph.com/news/mt-gox-transfers-335m-bitstamp-unknown-address">still ongoing</a>, and the accompanying return of coins to exchanges.
“As for bearish signals, we are seeing a build up of coins entering spot exchanges,” he wrote in part of an <a href="https://x.com/woonomic/status/1815590860064788556" target="_blank" rel="noopener nofollow">X thread</a> on July 23. 
<blockquote data-ct-non-breakable="true">
 “Of note is 50,000 BTC from MtGox being sent to Kraken, and that’s seemingly being front run by others sending their coins in also.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/de154634-3bd1-4820-b5c6-b76a36863344.jpeg" alt="BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown" title="">
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 Bitcoin inventory on exchanges. Source: Willy Woo/X
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Woo also suggested that the launch of the United States spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded funds (ETFs) may siphon capital out of Bitcoin.
“Some of the capital in BTC ETFs may rotate into the ETH ETF, hard to estimate how much, but this is a risk,” he argued.
As <a href="https://cointelegraph.com/news/ethereum-etf-inflows-106-million-first-day-trading">Cointelegraph reported</a>, the spot Ether ETFs saw net inflows of $107 million on their first day of trading — around one-sixth of Bitcoin’s first-day equivalent in January.
“In summary we have a tug-o-war happening on demand and supply. IMO the bullish factors overpower the bearish factors,” Woo concluded.
<blockquote data-ct-non-breakable="true">
 “In the short term BTC only needs to break 73k in order to light the fuse to short squeeze to 77k, above that it's nothing holding it down for price discovery.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown

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