The last few hours have been particularly turbulent, with significant fluctuations and liquidations characterizing the market.

Bitcoin Causes Liquidations of Over $100 Million in the Last 4 Hours

Despite a promising attempt at recovery on Sunday, Bitcoin faced stiff resistance that led to a sharp decline. Within just four hours, the market experienced liquidations totaling $113 million, comprising $70 million from long positions and $42.64 million from short positions. Overall, nearly $250 million worth of trades were liquidated in the past 24 hours, indicating persistently choppy conditions.

Avinash Shekhar, co-founder of the crypto derivative exchange Pi42, provided insights into the market’s volatility in an interview with BeInCrypto.

“Bitcoin’s price is locked in a tug-of-war between bulls and bears. Sellers pulled the price down to near $53,500 on July 5, yet lower levels attracted buying by the bulls. Then, bears again drove the price down from $58,300 to $54,200 in the morning of July 8,” Shekhar told BeInCrypto.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Meanwhile, Metaplanet, a Japanese investment firm, has taken strategic steps to strengthen its position in the crypto market. On July 8, it announced a purchase of 42.47 Bitcoin, roughly worth around $2.35 million.

This happened after the company announced on June 24 that it would issue a $6.2 million bond to bolster its Bitcoin holdings. The decision aims to enhance Metaplanet’s financial stability by incorporating Bitcoin as a reserve asset. The firm seeks to mitigate risks associated with Japan’s economic challenges, including high government debt and sustained negative real interest rates.

Meanwhile, potential selling pressures loom from Mt. Gox investors and the German government. Recent reports indicate that Bitcoin addresses linked to German authorities transferred 700 BTC, valued at $40.47 million, to an unidentified ‘139PoP’ address this past weekend, as identified by Arkham’s on-chain analytics.

This activity is part of a broader pattern of behavior from the German government, which has recently moved significant quantities of Bitcoin to major exchanges such as Coinbase, Bitstamp, and Kraken. These moves followed the seizure of 50,000 BTC earlier in the year from the film piracy site Movie2k.

Read more: Who Owns the Most Bitcoin in 2024?

The balance between optimism and caution in the crypto market continues to provoke debate and speculation among stakeholders. However, the sentiments are more aligned towards fear. The crypto fear and greed index indicates a score of 28, which is in the fear zone.

The post Bitcoin Drops to $54,200 After Weekend Recovery appeared first on BeInCrypto.

Bitcoin addresses linked to German authorities sent another 700 BTC, worth $40.47 million, to the ‘139PoP’ address this weekend. This transaction was identified through the on-chain analytics firm Arkham.

German Government Bitcoin Transfers

Reports suggest that this transfer indicates a potential intention to sell the assets, as the unlabeled address may belong to an institution or an over-the-counter service provider. Meanwhile, this is not the first time the German government has interacted with the address. In the last three days, the authorities have sent more than 1,200 BTC to this wallet.

The German government began transferring Bitcoin to crypto exchanges like Coinbase, Bitstamp, and Kraken last month after seizing 50,000 BTC from the film piracy site Movie2k earlier in the year. Blockchain analytic platform Lookonchain noted that Germany has made a BTC transfer every day this month. This transaction reduced its holdings to 39,826 BTC, valued at around $2.3 billion.

Read more: How To Make Money With Intel-To-Earn on Arkham Intelligence

This continuous selling activity has drawn criticism from Joana Cotar, a member of the German Bundestag. The Parliament member urged the government to develop a comprehensive Bitcoin strategy instead of hastily selling its holdings.

Cotar further argues that Bitcoin offers an opportunity to diversify the state’s assets and reduce the risks associated with traditional investments. Additionally, she pointed out that Bitcoin’s scarcity and deflationary nature make it a hedge against inflation and currency devaluation.

“Instead of holding Bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” Cotar lamented.

Meanwhile, TRON founder Justin Sun offered to purchase the German government’s BTC holding to reduce its market impact. However, CryptoQuant CEO Ki Young Ju argues that government selling activities have had minimal impact on BTC prices because they account for only 4% of the total cumulative realized value since 2023.

“$224 billion has flowed into this market since 2023. Government-seized BTC contributes about $9 billion to the realized cap. It’s only 4% of the total cumulative realized value since 2023. Don’t let govt selling FUD ruin your trades,” Ju wrote.

Read more: Who Owns the Most Bitcoin in 2024?

Data from Arkham shows that governments, including the US, Germany, the United Kingdom, and El Salvador, hold substantial amounts of Bitcoin, totaling approximately $18 billion.

The post Germany Continues Significant Bitcoin Transfers, Moves $40 Million in BTC appeared first on BeInCrypto.

This action prevents Wright from moving his assets until he pays £1.548 million ($1.9 million) in legal fees to crypto podcast host Peter McCormack.

Court Freezes Wright’s Assets

The legal battle between both parties began in 2022 when the self-proclaimed founder of Bitcoin, Wright, sued McCormack for defamation. Wright claimed that McCormack defamed him in several social media posts and YouTube videos, where the podcaster alleged the computer scientist was fraudulently claiming to be Satoshi.

In an earlier judgment, a court recognized that McCormack’s statements harmed Wright’s reputation. However, Wright was awarded only £1 in nominal damages due to his dishonest conduct, including presenting false evidence.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

The High Court acknowledged that ruling and noted that the Defamation case was part of Wright’s broader campaign to silence those who contended that he was not the founder of Bitcoin. According to the judge, the law would be in a “sorry and sad state” if a litigant in McCormack’s position could not recover the costs of fighting that type of litigation.

“With the benefit of hindsight, it can be seen that the Defamation Claim was part of the mendacious overall campaign by Dr Wright and his backers to establish Dr Wright as Satoshi Nakamoto and, ultimately, (cf the Tulip Trading claim) to obtain access to all or part of the large quantity of Bitcoin attributed to Satoshi, worth many billions,” Justice Mellor wrote.

Considering this, the Judge ordered Wright to pay £1.548 million ($1.9 million) to McCormack to cover his legal fees. The judge ruled that the Defamation case should never have been “threatened, commenced or pursued” because it was founded on a lie and supported by a series of forged documents.

Besides that, the Court granted a WFO against Wright. The judge highlighted his history of defaulting on payment orders and the risk of asset dissipation.

“In all the circumstances I am in no doubt that it is just and convenient to grant the WFO, not least because Mr McCormack should not, it seems to me, face a risk of the costs orders he secures going unsatisfied,” the judge concluded.

Read more: What Is Bitcoin

This lawsuit marks another pivotal win for the crypto community against Wright. Over the past years, the Australian has consistently pursued legal actions against those who assert he is not Satoshi.

The post UK Court Freezes Craig Wright’s Assets Amid $1.9 Million Legal Dispute appeared first on BeInCrypto.

According to data platform MacroMicro, the average cost of mining a single BTC at the start of June soared to $83,668 but slightly declined to around $72,000 as of July 2.

Bitcoin Mining Machines Becoming Unprofitable

James Butterfill, CoinShares’ head of digital research, shared data showing that Bitcoin price was hovering around the average production cost during the April halving event. Per the data, half of the 14 identified miners, including Bit Digital and Riot Platforms, spend above the average cost to produce their BTC, while Tether-backed Bitdeer and Hut8 spend below average.

Read more: Making Passive Income From Crypto Mining: How to Get Started

This situation was further confirmed by F2Pool, a Bitcoin mining pool operator. It stated that only ASIC machines with more than 23 W/T efficiency were profitable as of July 4.

According to F2Pool data, only six Bitcoin mining machines, including Antminer S21 Hydro, Antminer S21, and Avalon A1466I, are profitable at break-even Bitcoin prices of $39,581, $43,292, and $48,240, respectively. Similarly, other machines like the Antminer S19 XP Hydro, Antminer S19 XP, and Whatsminer M56S++ are profitable, with Bitcoin prices exceeding $51,456, $53,187, and $54,424, respectively.

However, Bitcoin mining difficulty dropped significantly on July 5, marking one of the most notable declines since the FTX collapse. F2Pool explained that this could make more machines profitable. They stated that at a BTC price of $54,000, ASICs with unit power of 26 W/T or less would become profitable. They added that they estimate energy costs at $0.07 per kWh.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Last week, BeInCrypto reported that Bitcoin miners were nearing capitulation levels last seen during the FTX exchange collapse. Consequently, Miners switched off unprofitable machines and intensified selling activities, offloading approximately 30,000 BTC, valued at $2 billion, last month.

“All the miners operating well below their profit points are finally decommissioning their inefficient machines or exiting the industry entirely. […] Presumably many held on for much longer than expected because they anticipated a significant price rise in bitcoin that more than compensated,” explained Con Kolivas, the admin of Solo CKPool.

The post Bitcoin Miners Face Profitability Challenges Amid Rising Production Costs appeared first on BeInCrypto.

Although this suggests that the US job market continues to experience healthy growth, there has been a muted response in crypto markets.

New Jobs Created Beats Analysts Estimate

According to the Bureau of Labor Statistics, the US economy added 206,000 jobs in June. While this represented a 6% decline from the 218,000 jobs added in May, it exceeded analysts’ forecasts of around 190,000 new positions.

During that month, unemployment rose slightly to 4.1%, a 2% hike from the projected 4.0%. Steadying at 4%,  June’s unemployment rate suggested that the number of unemployed people as a percentage of the labor force remained stable. 

Further, average hourly earnings increased by 0.3% in June, matching forecasts. This reflects steady, albeit slow, wage growth for US workers.

Crypto Markets Fail to React

While the report suggests the US job market continues to experience positive momentum, the cryptocurrency market has failed to react. Still declining as of this writing, the global cryptocurrency market capitalization has dropped by 6% in the past 24 hours.

The value of the leading crypto asset, Bitcoin (BTC), has plummeted by 3% during that period. At press time, BTC trades at $55,249.

Its price movements, assessed on an hourly chart, confirm the decline in trading activity despite the positive outlook offered by the Nonfarm Payrolls report. 

As of this writing, the coin’s Relative Strength Index (RSI) is 40.76, resting below the 50-neutral zone. This indicator measures the asset’s overbought and oversold market conditions. At 42.49, BTC’s RSI shows that selling pressure currently dwarfs buying activity.

If this trend continues, the coin’s price may plummet further to exchange hands at $54,553.

Read more: Bitcoin Price Prediction 2024/2025/2030

However, if sentiment shifts from bearish to bullish, the coin’s price may rally to $55,427. 

The post US Job Market Sees Strong Gains in June, Crypto Market Dulls appeared first on BeInCrypto.

Market corrections are a dreaded scenario, spelling fear among traders. While the otherwise “weak hands” cower, the bold lot seize the opportunity to grow their bags.

VanEck Urges Traders: Buy Bitcoin During Market Panic

Describing the ongoing Bitcoin crash as “4th of July discounts,” VanEck sees BTC price falling to the $53,000 range as a ‘buy the dip’ opportunity. On-chain platform Santiment shares the sentiment, urging bold traders to seize the moment.

“Markets have continued to bleed, and social media is now showing historic levels of FUD. It is rare for an hour to go by where there are more mentions of “sell” than there are “buy” across crypto forums. But we’ve seen a few of these instances in just the past 24 hours, including the largest ratio of negative vs. positive comments thus far in 2024. For bold traders, this is a window where some may wish to be a true contrarian and buy into the crowd’s anger and frustration”.

Amid the negative market sentiment, crypto researchers observe elevated fear levels. This is warranted as many traders suffer losses. Hundreds of thousands are getting “rekt” amid an ongoing bloodbath. Derivative data analysis platform Coinglass reports over $650 million in total liquidations.

Read more: Four Mistakes To Avoid When Trading Bitcoin with Leverage

Pseudonymous trader CryptoNagato reported that this is the second-largest liquidation event in the Bitcoin market after the one right after the FTX collapse in November 2022. All indications point to the ongoing sell-off between Mt. Gox and the German government, with their voluminous transactions stirring markets.

In a Thursday post, German lawmaker and Bitcoin activist Joana Cotar slammed the government for its “hasty” actions selling Bitcoin. Calling the selling spree insensible and counterproductive, she urged the state to emulate the US and hold Bitcoin as a reserve currency.

“Instead of holding Bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale. I informed Michael Kretschmer, Christian Lindner, and Olaf Scholz, why this is not only not sensible, but counterproductive and invited them to our lecture event (Bitcoin Strategies for Nation States” on October 17th in the Paul-Löbe-Haus) with Samson Mow,”  Cotar wrote.

Cotar’s pro-crypto stance was best seen in November when she backed Bitcoin as legal tender and advocated for its integration into mainstream German finance.

Whales Buy BTC at a Discount

Meanwhile, Ki Young Ju, co-founder and CEO of CryptoQuant, suggests that whales are buying the dip and effectively becoming true contrarians. Based on the report, these traders are opening long positions.

Whales in crypto are investors holding over 1000 BTC, which means they have the power to influence market prices due to their large portfolios. At the moment they are betting on the Bitcoin price increasing in the future.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

CryptoQuant’s Young Ju shares the optimism, saying, “The upward cycle is not over yet.” Nevertheless, he indicates that the ongoing correction could bottom out around the $47,000 threshold, urging spot traders to wait for a strong buying trend.  Looking at the weekly chart for the BTC/USDT trading pair, there is a demand zone around the $47,000 range.

A demand zone is an area with significant buying interest. Market participants would be willing to step in and purchase Bitcoin at $47,000, effectively creating a support level that can potentially lead to a price reversal.

The post VanEck Sees Bitcoin Crash as a Buying Opportunity appeared first on BeInCrypto.

Bitcoin and Bitcoin Cash’s prices have been volatile amidst this development.

Mt. Gox Still Holds Bitcoin Worth $7.69 Billion

The repayment initiative stems from Mt. Gox’s complex bankruptcy proceedings. The firm filed for bankruptcy after a massive security breach in 2014 that resulted in the loss of 850,000 Bitcoins.

“On July 5, 2024, the Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan,” Mt. Gox announced.

Read more: Top Crypto Bankruptcies: What You Need To Know

Creditors must meet several conditions before further disbursements. These include validating the registered accounts’ authenticity and finalizing agreements with the involved cryptocurrency exchanges.

Furthermore, the Trustee highlighted the necessity of ensuring secure and verified transactions before proceeding with more repayments. It also urged patience among the eligible creditors awaiting their turn.

In a related report earlier today, Arkham, a cryptocurrency analytics firm, noted that Mt. Gox had transferred 47,228 Bitcoins, worth approximately $2.71 billion, from cold storage to a new wallet. Despite this substantial movement, over 147,687 Bitcoins, valued at $7.69 billion, remain in the Mt. Gox reserves.

Following the repayment news, Bitcoin’s market price experienced a sharp decline, plummeting to $54,500. This price point is noted as the lowest in the past four months. Moreover, Bitcoin Cash’s price went below $290, down by over 18% in the past 24 hours.

The post Mt. Gox Initiates Bitcoin (BTC) and Bitcoin Cash (BCH) Repayments appeared first on BeInCrypto.

According to BeInCrypto data, Bitcoin (BTC) has fallen by roughly 6% over the past 24 hours.

Bitcoin’s Sharp Fall Liquidates Over $589 Million

The volatility in Bitcoin and the broader crypto market has caused huge liquidations. In total, $589 million was liquidated, which included more than $511 million in long positions and $78 million in shorts. Notably, nearly $100 million was liquidated in just the past hour.

Nonetheless, in an interview with BeInCrypto, Avinash Shekhar, the CEO of crypto derivatives exchange Pi42, explained that price volatility is an opportunity for short-term traders.

“Such movements usually present opportunities, especially for scalpers to recover their liquidated trades,” Shekhar told BeInCrypto.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Further unsettling the market, the Mt. Gox bankruptcy estate transferred billions of dollars worth of Bitcoin to an unknown wallet. According to blockchain analytics firm Arkham Intelligence, this involved moving 47,228 BTC, valued at around $2.71 billion.

Prior to this, the estate conducted several small test transactions. With repayments expected to start soon, about 142,000 BTC and 143,000 Bitcoin Cash (BCH) are poised for disbursement.

Additionally, recent actions by the German government have contributed to market anxiety. This week, it transferred about 1,300 BTC, worth roughly $75.5 million, to its wallet and several crypto exchanges, including Bitstamp, Coinbase, and Kraken. This development has exacerbated fears of further price declines.

Amid these developments, prominent crypto analyst Miles Deutscher expressed his frustration, suggesting a swift drop to $48,000 to end the market’s current turmoil.

“Can we just nuke to $48,000 already and get this sh*t over with? Dear Germany & Mt. Gox – please just jeet your entire stack. Dear retail, please just panic sell your low conviction alts. Just get the pain over with quickly, then up only,” Deutscher wrote.

Concurrently, crypto analyst Dave the Wave noted that Bitcoin had breached a critical support level at $56,500. He pointed out that the next significant Fibonacci level, around $48,000, could provide the necessary support.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Despite the market’s setbacks, Dave the Wave maintains an optimistic outlook, reminding investors that the market is “still technically in a bull market.

The post Bitcoin Price Breaks Key Support: $48,000 Next appeared first on BeInCrypto.

Governments seize illicit crypto during various operations. Then they periodically auction off these digital assets, thereby introducing selling pressure into the market.

German Government Moves $174.3 Million Worth of Bitcoin

Over the past few weeks, the German government has been actively moving its crypto assets. It has transferred large amounts of Bitcoin to various wallets and exchanges.

Recent blockchain data analysis by Arkham shows that just today, the German crypto wallet moved 3,000 Bitcoin (BTC) worth roughly $174.3 million. The government distributed this BTC to several destinations, including major crypto exchanges like Bitstamp, Kraken, and Coinbase.

Read more: Who Owns the Most Bitcoin in 2024?

These movements are part of a broader trend that started on June 19, with the government shifting about 6,500 BTC, pushing the total value transferred to exceed $425.49 million. The origins of these assets are likely tied to criminal enterprises. Arkham suggested a connection to the defunct pirated movie site, Movie2k.

The recent transactions have noticeably impacted the crypto market, creating waves of concern among investors and traders. Indeed, the sensitivity of the market to such large-scale disposals became evident today as Bitcoin reached the $57,000 mark for the first time in two months. This surge was further fueled by an incident involving a crypto whale who sold $400 million worth of Bitcoin.

Amidst this volatility, Justin Sun has proposed to purchase the entire cache of Bitcoin currently held by the German government, amounting to 40,359 BTC.

“I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market,” Justin Sun posted to his 3.5 million followers.

Read more: How To Make Money With Intel-To-Earn on Arkham Intelligence

Sun’s strategy could potentially stabilize the market by preventing a large-scale sell-off on public exchanges, which might otherwise precipitate a sharp decline in Bitcoin prices. More than direct price impact, this move can ease the panic amongst crypto investors.

The post Justin Sun Wants to Buy $2.3 Billion Worth of Bitcoin appeared first on BeInCrypto.

Early Thursday in Asian trading hours, Bitcoin’s price plummeted to $57,800, marking a two-month low. Despite this drop, the price recovered up to $59,000 by the time of writing.

Crypto Whale Sold Over $400 Million Worth of Bitcoin

Amidst the Bitcoin volatility, a crypto whale wallet, 3G98j, deposited an eye-watering 1,800 BTC, valued at $106.08 million, into Binance. Hours after the first deposit, the crypto whale again sent 1,800 BTC worth nearly $100 million to the same platform.

Typically, such large deposits to a crypto exchange suggest a potential sale. In the past week alone, this crypto whale has transferred a total of 5,281 BTC—worth around $423 million to Binance.

Despite these considerable sell-offs, the reaction from retail investors has been notably bullish. According to data from Santiment, a behavior analytics platform, the retail sector is aggressively purchasing Bitcoin under the $60,000 mark.

“The crowd is showing signs of seeing this as a buy-the-dip opportunity. Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical,” Santiment explained.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Cold Blooded Shiller, a pseudonymous crypto analyst on X (formerly Twitter), echoes this sentiment. He provided a nuanced take on the current market conditions, noting novice traders’ challenges.

“Conditions remain significantly weighted on the downside, and the momentum is all there. Adapting to the side with the momentum is incredibly important, but that doesn’t make it a necessity to trade,” he advised.

Furthermore, Cold Blooded Shiller elaborated on the risks and strategies in current market conditions. He emphasized the need for patience and strategic disengagement, suggesting that many’s best course of action might be to avoid active trading.

“For many of you, sitting on the sidelines and doing other things is the biggest alpha I can bestow upon you,” Cold Blooded Shiller stated.

Moreover, he highlighted the psychological aspect of trading under such volatile conditions. He advised retail traders to let things settle down and reduce their emotions when timing the market, reinforcing the need for strategic patience until the market shows signs of a positive momentum shift.

Read more: Cryptocurrency Trading Courses Tailored for Beginners

The contrast between the crypto whale’s actions and retail investors’ enthusiasm paints a complex picture of the Bitcoin market. While large holders appear to be cashing out, the broader investor base remains optimistic, seeing the lower prices as an attractive entry point.

The post Retail Investors Buy the Dip While Crypto Whale Sells Over $400 Million in Bitcoin (BTC) appeared first on BeInCrypto.

The financial instrument gave institutional players a seat at the table when it delivered BTC to Wall Street. More exposure is expected as Ethereum (ETH) and Solana (SOL) ETFs align. 

BTC ETFs Among Catalysts for $750 Billion Crypto Surge

Architect Partners’ financial report indicates that Bitcoin Spot ETFs have attracted more than $15 billion to the cryptocurrency market since their launch on January 11. This, combined with more than $700 billion in value growth among crypto tokens and over $11 billion in growth among publicly listed cryptocurrency companies, brings total H1 growth to at least $750 billion year-to-date.

The approval of BTC spot ETFs jump-started the industry after the previous bear market instigated by Terra’s collapse and FTX’s implosion in 2022. According to insights by Architect, crypto’s recovery outpaces that of the internet from its crash in 2000.

Read more: What Is a Bitcoin ETF? All You Need to Know

According to the report, this growth signifies a comeback for the industry, with market confidence and momentum increasing.

“The significant influence of BTC Spot ETFs on the digital assets market is evident from the distribution of trading volume throughout the week. From January to June 2024, weekend trading volume accounted for only 16% of the total, the lowest ever recorded for this period (H1 of a year). This indicates increased activity from traditional finance investors, with trading volume concentrated during Monday to Friday. It is particularly strong during US market hours, decreasing after the US market closes,” Matteo Greco, Research Analyst at Fineqia, told BeInCrypto.

Architect Partners’ report also acknowledged increasing “professionalism, risk management, and ethical behavior.” It highlights the spirit of ‘doing it right’ in the industry, adding that these are the foundational principles of crypto.

Analyst Decries Stagnating BTC ETF Flows

Despite the significant contribution to the industry, BTC ETFs’ capital flows have stagnated lately.

“US Bitcoin ETF flows have mostly stagnated. Not seeing tons of inflows, not seeing tons of outflows. Net inflows since launch sits at very healthy $14.7 billion,” wrote Bloomberg ETF analyst James Seyffart.

Seyffart also noted a drop in BTC ETF trading volumes, highlighting that this metric has not hit $3 billion since mid-May. Fineqia’s analyst, Greco, told BeInCrypto that traditional finance investors concentrate their trading volumes between Monday and Friday, focusing on US market hours.

According to data from investment management company Farside Investors, BTC ETFs experienced total net outflows of $13.7 million on Tuesday. This marked a break from five consecutive trading days of positive flows. Grayscale recorded up to $32.4 million in outflows, effectively topping the day’s negative flows.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach.

The instrumental role of Bitcoin spot EFTs in driving capital into the crypto industry cannot be overlooked. As they account for 2% of the growth in six months, it becomes imaginable how much more could be achieved with more such financial instruments in the market.

Meanwhile, the market awaits a possible Ethereum (ETH) spot ETF launch within the month. The countdown is also on for a prospective Solana (SOL) ETF following VanEck’s move to pioneer the application in the US.

The post Bitcoin ETFs Drove $15 Billion Crypto Inflows in H1 appeared first on BeInCrypto.

Investors will be interested in whether the coin will continue its run or fare better. This analysis affirms the possibility of a higher price by the end of July unless something unexpected happens.

Bitcoin Miners Reduce High Selling Activity

Miners were one of the factors that grounded Bitcoin’s price to a halt in the last few months. In April, Bitcoin miners, who are responsible for verifying transactions on the network, saw their rewards halve.

Afterward, revenue dropped as they found it challenging to keep up with operating costs. Consequently, they sold some of their BTC. According to CryptoQuant, Miner-to-Exchange Transactions jumped up until June 8.

The Miner-to-Exchange Transactions metric measures the number of Bitcoin coins sent into exchanges from miners’ reserves. When it increases, BTC drops.  However, a notable decline provides stability for Bitcoin’s price — either it increases or the value trades sideways.

Read More: 5 Platforms to Buy Bitcoin Mining Stocks After 2024 Halving

Speculation spread that the metric would jump again, but that did not happen, as it seems miners are done with distribution. As seen above, only 129 BTC affiliated with miners were sent to exchanges.

This is an extremely low figure compared to June 8, when the number was 1,279 BTC. Should the value continue to drop, Bitcoin might keep its head above $60,000 through July. In a highly bullish scenario, the price can retest $65,000 to $67,000.

Historical Trends Raise Eyebrows 

Another metric supporting a price increase is Bitcoin’s Delta Gradient. The Delta Gradient model assesses the rate of price change compared to the capital inflows into Bitcoin. 

It also considers the gradient of the spot BTC value and the realized price. The difference between these values is what gives the Delta Gradient. 

If the metric is positive, it means that investors should expect an uptrend within a specified period. On the other hand, a negative gradient implies that returns may be negative.

At press time, using Glassnode’s data, the 28-day Bitcoin Delta Gradient is -1.62. Typically, this is supposed to drive a downtrend for BTC. However, that may not be the case, as it is an improvement from a few days ago when the reading was -2.90.

Should the reading of the metric above continue to rise, so will BTC. Furthermore, a jump into the positive region could confirm Bitcoin’s price hike.

Meanwhile, analysts on social media shared their views about this month’s performance. For example, Ali Martinez wrote on X that BTC may bounce strongly in July. 

Referring to the coin’s previous returns in the seventh month, he explained that:

“Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.60% during this month.”

BTC Price Prediction: $67,000 or Nothing?

According to the daily BTC/USD chart, the coin had formed a Cup and Handle pattern. This pattern appears when the price forms a rounded bottom (cup) and later tests new lows to form the handle.

The cup and handle pattern acts as a bullish signal, indicating that an upward breakout could have the strength to keep moving north. Looking at the Fibonacci retracement to spot support and resistance levels, BTC could hit $64,966 if the upswing continues.

From a more bullish perspective, the coin’s price may reach $67,241 before the month ends. In addition, the Relative Strength Index (RSI) is starting to move up. The rise in the RSI means that Bitcoin is leaving the bearish reigns.

However, to validate the price prediction, the RSI reading needs to cross over the 50.00 neutral zone. If this happens, BTC will continue its upswing and potentially surpass $64,000 in a few days.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Failure to solidify the bullish momentum will invalidate the forecast. Traders also need to watch out for the actions of institutions that hold Bitcoin. 

Recently, Spot On Chain disclosed that the U.S. and German governments are selling BTC again. If this lingers, Bitcoin’s price may lose hold of $60,000 and drop to $59,795. In a highly bearish case, the price may plunge to $56,599.

The post Bitcoin (BTC) Rebounds, Targets Positive Return in July appeared first on BeInCrypto.