Bitcoin

when

Spot

Bitcoin&nbsp;bulls fought to protect $66,000 on July 23 as the United States spot Ether&nbsp;exchange-traded funds (ETFs) wowed analysts.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ab405aec-257e-4a98-a3cb-7e1b2a825836.png" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="ether-etf-performance-impresses">Ether ETF performance impresses</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 strength rebounding after initial weakness on the Wall Street open.
The launch of trading for the spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)&nbsp;ETFs appeared to catch market participants by surprise as impressive volumes, which <a href="https://x.com/EricBalchunas/status/1815747485505052950" target="_blank" rel="noopener nofollow">totaled over $100 million</a> in just 15 minutes, sent ETH/USD up 2.3%, retracing an initial rout.
“Spot ETF launch so far seeing the expected - take profit selling in both perps &amp; spot. Move retraced &amp; OI still elevated,” popular trader Skew <a href="https://x.com/52kskew/status/1815742200678121558" target="_blank" rel="noopener nofollow">wrote</a> in part of his coverage on X.
Skew referred to heightened open interest on ETH derivatives markets around the launch.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/21ee3061-2f9b-468a-ac0d-a8a01ad29980.png" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 ETH market data. Source: Skew
 </figcaption>
</figure>
“The ETH ETF has insane numbers. First 15 minutes already 50% of Bitcoin’s first day in terms of volume: $112 million,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in his own X <a href="https://x.com/CryptoMichNL/status/1815749034553864247" target="_blank" rel="noopener nofollow">response</a>.
<blockquote data-ct-non-breakable="true">
 “The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1–2 months.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/37071465-cc7c-4d48-bffd-9612b64a46dc.png" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 ETH/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
Fellow popular trader Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1815750540866760726" target="_blank" rel="noopener nofollow">described</a> the initial flows as “decent,” predicting heightened crypto market volatility.
As <a href="https://cointelegraph.com/news/bitcoin-trader-2-months-all-time-high-china-cuts-rates">Cointelegraph reported</a>, the run-up to the ETF release was characterized by conversely flat ETH price action, which went against that seen on Bitcoin prior to the launch of its ETF trading in January.
<h2 id="bitcoin-faces-up-to-near-term-bearish-threats">Bitcoin faces up to near-term bearish threats</h2>
Bitcoin, meanwhile, retraced an initial downmove of its own, retaking $67,000.
Related:&nbsp;<a href="https://cointelegraph.com/news/xrp-price-one-dollar-2021-q4">XRP price hasn’t seen $1 since 2021 — but this could change in Q4</a>
The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> showed a new patch of buyer liquidity emerging at $65,750, while overhead sell-side pressure also increased.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c51029a9-9a4e-43d2-89b8-219e8b4cb142.png" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
As anticipation of fresh upside built, traders remained broadly optimistic.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/29ce331a-d450-4c31-b00c-044b857f948a.png" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/thescalpingpro/status/1815664546691858667" target="_blank" rel="noopener nofollow">Mags</a>
 </figcaption>
</figure>
“5 monthly candles to turn the previous cycle highs into support,” popular trader Jelle <a href="https://x.com/CryptoJelleNL/status/1815741296893444508" target="_blank" rel="noopener nofollow">argued</a> in his latest high-timeframe BTC price analysis.
<blockquote data-ct-non-breakable="true">
 “Strong foundations being built, for the next bear market lows. The best is yet to come.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/78c9a83a-7eb7-4dde-87e4-7291b97b7459.jpeg" alt="Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Jelle/X
 </figcaption>
</figure>
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital said that crypto markets nonetheless remained in wait-and-see mode following the latest ETF launch.
“The market’s reaction to the ETH Spot ETF launch has been muted, with investors waiting to see if it follows the ‘buy the hype, sell the news’ pattern,” it wrote.
<blockquote data-ct-non-breakable="true">
 “For comparison, BTC dropped to $38k after its ETF launch highs but broke all-time highs two months later.”
</blockquote>
QCP warned that judging by options market behavior, traders expected downside forces to win out in the short term. These took the form of <a href="https://cointelegraph.com/news/mt-gox-3-2b-bitcoin-outflows-july-23">fresh payouts to creditors</a> of defunct exchange Mt. Gox, as well as geopolitical uncertainty.
“With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections,” it concluded.
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.

Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch

Table of Contents

Cointelegraph

Other articles published on Jul 23, 2024

Catalyze introduces Web3 community learning app

BlockFi Sells FTX Claims at Significant Premium

Multipool Secures Strategic Investment from Industry Giant Kronos Research

Vitalik Buterin Surprised By The New Ethereum Graph In Research Paper

Crypto: The Rebirth of Borpa on Solana Attracts Investors

Analysts Discuss Bitcoin’s Potential Turning Point

Join our free newsletter for daily crypto updates!