Can $2 Billion Inflow Push Bitcoin Price Beyond $70K Levels
Can $2 Billion Inflow Push Bitcoin Price Beyond 70K Levels?
Bitcoin price surged nearly 10% in the last three sessions to reclaim
65K level.
The open interest has surged by a significant 20% rising from $10 Billion to $12 Billion in the last three sessions.
Bitcoin made a sharp U-turn in its trajectory last week and surged higher erasing the previous losses. BTC resumed its bullish trajectory this week and made an impulsive move towards65K level. The recent surge erased the anticipation of another fall and firmed the confidence of the investors.
On a daily chart, Bitcoin now hovers above the key exponential moving average 50 and 200 day Exponential moving average. The price seemed to have reclaimed the bullish territory and BTC may continue to show gains.
Additionally, there has been a significant 20% rise in open interest in recent sessions, suggesting strong investor confidence. Bitcoin ETF inflows have also hit a six-week high, signaling the return of the bulls.
BTC Open Interest Contracts Surges By 20%
The recent surge has reaffirmed the bulls domination in the short term trend. At the time of writing, Bitcoin was exchanging hands close to $65,650 suggesting a positive intraday development of 0.54% a day.
<iframe title="Santiment Chart: Total Open Interest in USD (BTC), Price (BTC)" width="800" height="425" src="embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-07-09T18:30:01.571Z&dt=2024-07-17T18:29:59.571Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
One key factor contributing to the positive momentum was the addition of nearly 2 Billion OI contracts in the recent sessions. As per the data obtained from an on-chain analytics website, app.santiment.net, there has been a growth of nearly 20% in the OI contracts in the recent sessions.
The Open interest contracts have surged by nearly $2 Billion rising from $10 Billion to $12 Billion in the last three sessions. A significant jump in the OI contracts suggests a long buildup and adds a validation to an improved sentiment among the investors.
Bitcoin ETF Inflows At Highs Again!
Along with the rise in the BTC price, Bitcoin ETF inflows have gained attention again. On Tuesday, 11 funds recorded a cumulative net inflow of $422.5 million, marking the highest single-day tally since June 5 and extending a seven-day winning streak, according to a post by cryptojelle on X (Twitter).
x.com/CryptoJelleNL/status/1813510792186327265
BlackRock's IBIT led the way, amassing over $260 million on Tuesday, accounting for a significant portion of the cumulative inflows. FBTC attracted $61.1 million, while other funds, except GBTC, DEFI, and BTCW, each pulled in less than $30 million.
Bitcoin Price Analysis From A Technical Perspective.
From a technical stand point BTC price has reclaimed a bullish territory after a period of uncertainty in July when it dropped below 55K. The price bulls have reestablished BTC price above the key exponential moving averages. The key EMAs may act as a dynamic support for BTC.
Moreover, while connecting Fibonacci from the top to bottom, it was observed that BTC price has surpassed the 0.5 level i.e. golden zone of Fibonacci. A breakout above the golden zone of Fibonacci marks a bullish reversal in BTC.
As per our analysts, any pullback towards the 62K may be a good opportunity to execute entries for the bulls and ride the trend. On the higher side, the 70k may act as a next hurdle for the bulls which once surpassed may open possibilities towards fresh highs.
Bitcoin price surged nearly 10% in the last three sessions to reclaim
65K level. The open interest has surged by a significant 20% rising from $10 Billion to $12 Billion in the last three sessions.
Bitcoin made a sharp U-turn in its trajectory last week and surged higher erasing the previous losses. BTC resumed its bullish trajectory this week and made an impulsive move towards
65K level. The recent surge erased the anticipation of another fall and firmed the confidence of the investors. On a daily chart, Bitcoin now hovers above the key exponential moving average 50 and 200 day Exponential moving average. The price seemed to have reclaimed the bullish territory and BTC may continue to show gains.
Additionally, there has been a significant 20% rise in open interest in recent sessions, suggesting strong investor confidence. Bitcoin ETF inflows have also hit a six-week high, signaling the return of the bulls.
BTC Open Interest Contracts Surges By 20%
The recent surge has reaffirmed the bulls domination in the short term trend. At the time of writing, Bitcoin was exchanging hands close to $65,650 suggesting a positive intraday development of 0.54% a day.
<iframe title="Santiment Chart: Total Open Interest in USD (BTC), Price (BTC)" width="800" height="425" src="embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-07-09T18:30:01.571Z&dt=2024-07-17T18:29:59.571Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
One key factor contributing to the positive momentum was the addition of nearly 2 Billion OI contracts in the recent sessions. As per the data obtained from an on-chain analytics website, app.santiment.net, there has been a growth of nearly 20% in the OI contracts in the recent sessions.
The Open interest contracts have surged by nearly $2 Billion rising from $10 Billion to $12 Billion in the last three sessions. A significant jump in the OI contracts suggests a long buildup and adds a validation to an improved sentiment among the investors.
Bitcoin ETF Inflows At Highs Again!
Along with the rise in the BTC price, Bitcoin ETF inflows have gained attention again. On Tuesday, 11 funds recorded a cumulative net inflow of $422.5 million, marking the highest single-day tally since June 5 and extending a seven-day winning streak, according to a post by cryptojelle on X (Twitter).
x.com/CryptoJelleNL/status/1813510792186327265
BlackRock's IBIT led the way, amassing over $260 million on Tuesday, accounting for a significant portion of the cumulative inflows. FBTC attracted $61.1 million, while other funds, except GBTC, DEFI, and BTCW, each pulled in less than $30 million.
Bitcoin Price Analysis From A Technical Perspective.
From a technical stand point BTC price has reclaimed a bullish territory after a period of uncertainty in July when it dropped below 55K. The price bulls have reestablished BTC price above the key exponential moving averages. The key EMAs may act as a dynamic support for BTC.
Moreover, while connecting Fibonacci from the top to bottom, it was observed that BTC price has surpassed the 0.5 level i.e. golden zone of Fibonacci. A breakout above the golden zone of Fibonacci marks a bullish reversal in BTC.
As per our analysts, any pullback towards the 62K may be a good opportunity to execute entries for the bulls and ride the trend. On the higher side, the 70k may act as a next hurdle for the bulls which once surpassed may open possibilities towards fresh highs.
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