Value

Bitcoin

Billion

<p><strong>Bitcoin</strong> price surged nearly 4.5% from yesterday’s low, making a quick move above the $67K mark. For the last few sessions, BTC price was under selling pressure that pushes BTC by 3% in yesterday’s trading session. </p> 
<p>BTC bulls made a strong comeback as price took a sharp rebound with some support from Bitcoin whales. Along with the appreciation in BTC price, the Open Interest contracts saw a significant surge of around $1.4 Billion in a day.</p> 
<h2 class="wp-block-heading" id="h-decoding-the-derivatives-data"><strong>Decoding the Derivatives Data</strong></h2> 
<p><strong>BTC </strong>derivatives data recorded a positive inflow of nearly $1.4 Billion contracts as the BTC rebounded from the daily lows of $63.5K. The increase in Open Interest contracts indicates new positions being opened for longer term expectations of volatility.</p> &nbsp;<iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (BTC), Price (BTC)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-07-24T18%3A30%3A01.599Z&amp;dt=2024-07-26T18%3A29%3A59.599Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
<p>Moreover, the recent Bitcoin 2024 conference is creating a buzz due to Donald’s Trump presence. The Bitcoin 2024 conference is set to be held in Nashville, Tennessee.&nbsp;</p> 
<p>The recent surge in derivatives data highlights that the short term futures traders seemed to be skewing towards long positions ahead of Donald Trump’s speech at the Bitcoin’s 2024 conference.</p> 
<p>Additionally, in hope of a positive remark from Donald Trump, the Future traders are heavily skewed toward long positions. As a result, even a slight retracement to $65,000 may put $1.4 Billion worth of long positions at risk, according to data obtained from an on-chain analytics website app.santiment.net</p> 
<h2 class="wp-block-heading" id="h-bitcoin-whales-found-accumulating-again"><strong>Bitcoin Whales Found Accumulating Again</strong></h2> 
<p>Furthermore, on-chain analytics platform CryptoQuant showed significant<strong> Bitcoin</strong> accumulation by large-volume investors, known as whales. Also, the same was highlighted by the CEO Ki-Young Ju who described this trend as “unprecedented,” in a recent post on X (formerly Twitter).&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is in an accumulation phase.<br><br>Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.<br><br>Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it's an unprecedented level. <a href="https://t.co/Cyl2ZVhIIX">pic.twitter.com/Cyl2ZVhIIX</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1816171584970789153?ref_src=twsrc%5Etfw">July 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>He mentioned that nearly 358,000 BTC was moved to permanent holder addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC.</p> 
<p>Although not all BTC is in custody wallets, the accumulation phase is clear. The same indicated a substantial transfer of wealth within the crypto market. </p> 
<p>Additionally, the Total Value Locked (TVL) in Bitcoin stands at $701.92 Million. This reflects an ongoing engagement and investment in the cryptocurrency market.</p> 
<h2 class="wp-block-heading" id="h-can-bitcoin-conquer-the-70k-mark-this-time"><strong>Can Bitcoin Conquer the $70K Mark This Time?</strong></h2> 
<p>The <strong>BTC/USD </strong>daily chart shows a strong rebound yesterday, which resumed today as well. The largest cryptocurrency saw an impressive 2.5% rise intraday reclaiming back the $67K mark. Moreover, <strong>BTC </strong>rebounded from the 50 day EMA, extending the bullishness.&nbsp;</p>    
<p><a href="https://in.tradingview.com/chart/BTCUSD/yiVEgeJf-Bitcoin-Rebounds-To-67K-Amid-Increased-OI-Data-Whales-Activity/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> &nbsp; <a href="https://in.tradingview.com/"> </a></p>  
<p>The long term trend is already bullish as the price was nearly 14% higher than the 200 day EMA. The $68K may act as the most recent hurdle, which, once surpassed, could pave the way towards $70K.</p> 
<p>If the BTC falls below the recent support of $63K, it may invalidate the bullish scenario and the price may retreat further. At the time of writing, the MACD line and signal line revealed a divergence, suggesting the continuation of the trend.&nbsp;</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/28/bitcoin-whales-accumulating-as-btc-price-rebounds-to-67k/">Bitcoin Whales Accumulating as BTC Price Rebounds To $67K</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin Whales Accumulating as BTC Price Rebounds To $67K

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Thecoinrepublic.com

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