Bitcoin Pops Above $66,000 as Ethereum ETF Anticipation Builds
Bitcoin briefly touches $65,000 as ETF inflows remain positive since July 5. Mt. Gox transfers temper with bullish momentum.
Key Takeaways
- Consistent ETF inflows have pushed Bitcoin prices above $65,000.
- Concerns persist about Mt. Gox claimants selling.
- Cumulative Bitcoin ETF inflows reached nearly $1.5 billion in 10 days.
The cryptocurrency market has turned bullish in anticipation of a potential approval of Ethereum exchange-traded funds (ETFs). This prevailing optimism has driven Bitcoin’s price above $66,000.
With excitement in the air and Bitcoin ETFs seeing record inflows, can BTC continue its ascent?
Bitcoin Dips to $63,000
While Bitcoin buzzes with excitement, the reigning crypto king recently fell to $63,000 after briefly surging past $66,000. Mt. Gox’s recent $2.8 billion BTC transfer sparked some market jitters.
Despite initial fears, Bitcoin’s institutional inflows remain strong. Spot BTC ETFs have continued their hot streak, and if inflows persist, Bitcoin could soon reclaim its upward trajectory and potentially surpass the $65,000 mark.
BTC ETF Inflows
Since Bitcoin’s price crashed below $54,000 on July 5, spot BTC ETF inflows have been trending upward. The inflow data shows a robust recovery, with large sums moving into Bitcoin ETFs.
From July 6 to July 16, Bitcoin ETFs saw a cumulative inflow of approximately $1.499 billion. On July 6, there was an inflow of $150.5 million, followed by $294.8 million on July 8. The trend continued with $216.3 million on July 9, $147.4 million on July 10, $78.9 million on July 11, and $310.2 million on July 12. Data from July 15 showed an additional inflow of $301 million.
On July 16, Bitcoin recorded its eighth day of consecutive net inflows, bagging approximately $422.5 million.
Transfers from Mt. Gox
Mt. Gox, the largest crypto exchange before its 2014 collapse, recently transferred $2.7 billion worth of Bitcoin to an unknown address.
The exchange moved 48,641 BTC , worth $3.07 billion, to a cold wallet with the address starting with 3JQiE. An hour earlier, there were two other large transfers: first, 4,641 BTC, valued at $293.94 million, moved to the same cold wallet, followed by 47,229 BTC, worth $2.99 billion, to another cold wallet with the address starting with 18vjn.
At the time of writing, the wallets’ Bitcoin holdings were valued at approximately $8.79 billion, based on the current BTC price of $64,383. As of July 16, 2024, Mt. Gox’s portfolio retains an additional 138,985 BTC.
Bitcoin Price Analysis
Since its recent low of $53,746, Bitcoin has recovered nearly 23%, reaching a high of $66,110 on July 17. The recovery comes as a continuation of the breakout above $60,000, which could soon face resistance as it interacts with the 0.382 Fibonacci level.
The 4-hour chart shows the RSI spiking to 83% in the overbought zone before settling around 70%. The rise from July 12 is likely the third wave of a developing five-wave impulse, suggesting a corrective decrease is imminent. Despite potential struggles, another higher high is anticipated in the next 24 hours, potentially pushing BTC to $69,000. However, a more likely case is a retest of the $66,000 level before Bitcoin retraces to a higher low of $57,800.
If Bitcoin reaches around $66,100, it could form its first lower-degree five-wave impulse, signaling the onset of its next major bull phase. The second confirmation would come with a higher low. If these conditions are met, another significant rise could likely drive Bitcoin to a new all-time high above $80,000.
Germany Runs Out of Bitcoins: Which Country Will Shake the Crypto Market Next?
Mt. Gox’s $700M Bitcoin Transfer Marks First Major Activity in Weeks
