Bitcoin price analysis shows a shift in the market, with Bitcoin (BTC) now trading at $67,835.27.The cryptocurrency’s market capitalization is approximately $1.34 trillion, which keeps it as the leading digital asset gaining 1.5%. The 24-hour trading volume has seen a significant surge of 84.28%, reaching $33.25 billion, indicating heightened trading activity and investor interest.
This week has seen Bitcoin rallying highly. The largest cryptocurrency was holding above $67200 on July 19 according to information from Crypto Products saw inflows of $1.35 billion last week, bringing the total inflows over the last three weeks to $3.2 billion, according to asset management firm CoinShares.The situation was such that short Bitcoin products registered outflows amounting to $1.9 m whereas Bitcoin led with inflows amounting to $1.27 bn. Similarly, short bitcoin ETPs have experienced redemptions since March totaling -$44m,-56% assets under management.
Recent market trends indicate that Bitcoin is going toward 68k. According to ARK Invest, Bitcoin became significantly oversold in June following a multiweek sell-off by the German government which sold off 50k BTC confiscated in a police raid conducted last year. This oversold condition indicates a potential price reversal.
Another factor pointed out by ARK Invest is the recent capitulation of bitcoin miners which could signal an end of bearishness on this downtrend. The report also showed that miner outflows and short-term-holder realized profits/losses suggested that bitcoin was currently oversold since miner capitulation often precedes bullish reversals. Besides during selloffs spot bitcoins ETFs accumulated capital implying institutional investors were not behind negative price action.
Bitcoin Treads Close to 68k Amid Bullish Momentum
With a continued uptrend over time on its nine-day SMA at around $65,413, Bitcoin (BTC) which continued to see the rise in BTC prices has moved above its 9-day Simple Moving Average (SMA) at $65413. As such, the Relative Strength Index (RSI) is now at 66.81 which is near overbought territory suggesting potential resistance ahead. The RSI’s recent upward trajectory shows strong buying pressure.
The price of bitcoin has been gradually increasing and if we break through the current level of resistance around $68k it could lead to further gains possibly targeting new all-time highs. Need caution for possible corrections if RSI enters overbought conditions would be advised as long as this remains, for now.
Bitcoin Expected to rally ahead of the upcoming US presidential elections.
According to QCP Capital’s analysis of Bitcoin’s recent trading data, there are signs that cryptocurrency may experience a significant price rally before the US presidential elections take place. Market volatility due to political events has made options traders bet on potential upside. Considering all these recent uncertainties including Mt.Gox repayments, Bitcoin traded between $61k-$67k signaling that it mostly brushed off any worries recently
Bitcoin finds support just above 61k while resistance appears at 67k. Breakout from this resistance implies a continuation of a bullish trend aiming at new ATHs.
Now the perpetual funding rate has returned to neutral after being high for some time indicating trader sentiment is evenly balanced. Short-term trades like this one, suggest Bitcoin may continue within this range.
Cryptocurrency Market Outlook
Bitcoin institutional interest remains strong, notably for December’s $100,000 calls whereby the investors are showing an increase in confidence in the potential year-end rally. This is congruent with the increased chances of Donald Trump winning the forthcoming elections since this former president has recently backed digital assets. Within 24 hours QCP Capital notes a jump in options market volatility with out-of-the-money option prices significantly up. This climb reflects the anticipation of more heightened trading activity soon.
From here on, there will be more trades that have upsides such as the “BTC ETF Win-Range” trade which is set to give 5 times returns if Bitcoin closes between $90,000 and $110,000 by December 27th particularly. In addition, the continuous bullish momentum, strategic institutional investments, and favorable market conditions put Bitcoin in a good position to hit new all-time highs (ATHs) within a short period.
