Bitcoin
price
has
rallied
above
the
$64,000
mark.
Glassnode,
a
market
intelligence
platform,
has

analyzed
this
notable
increase,
which
attributes
the
current

price
movement
to
a
significant
easing
of
sell-side
pressure,
particularly
from
the
German
government.

Exhaustion
of
Sell-Side
Pressure

According
to
the
on-chain
data
provided
by
Glassnode,
the
recent
uptick
in
Bitcoin’s
price
is
largely
due
to
what
they
describe
as
the
“complete
exhaustion”
of
sell-side
forces,
particularly
those
stemming
from
the
recent
governmental
actions.

Over
the
past
weeks,
the
German
government
has
been
a
big
seller,
selling
off
tonnes
of
Bitcoin,
leading
to
an
earlier
price
decrease
at
below
$54,000.

 

Related
Reading

Nevertheless,
despite
these
sales,
the
market
has
not
moved
lower
than
that
mark,
suggesting
that
this
selling
was
anticipated
and
factored
into
prices
by
the
markets.
Glassnode’s
report
highlights
that
from
July
7
to
July
10,
approximately
39,800
BTC
flowed
out
of
labeled
wallets,
marking
a
critical
phase
of
market
absorption.

Also
contributing
to
the
price
surge,
as
highlighted
by
Glassnode
are
inflows
into
Bitcoin
exchange-traded
funds
(ETFs),
which
have
garnered
renewed
investor
attention
in
recent
weeks.
Over
the
last
week,
ETFs
have

reported
over
$1
billion
in
inflows,
suggesting
a
renewed
confidence
in
Bitcoin
among
institutional
investors.

Glassnode
noted
in
the
report:

As
prices
sold
off
towards
the
$54k
low,
they
dropped
below
the
average
inflow
cost
basis
of
ETF
holders,
which
is
currently
at
$58.2k.
In
response,
the
ETFs
have
seen
their
first
significant
tranche
of
positive
interest
since
early
June,
with
over
$1B
in
total
inflows
last
week
alone.

Furthermore,
the
decline
in
exchange
flows
–
deposits
and
withdrawals
–
remains
a
significant
sign
of
waning
sell-side
pressure.
Lower
exchange
flows
generally
indicate
reduced

market
liquidity
and
selling,
which
can
provide
price
support
or
an
upward
momentum.

Current
exchange
volumes
have
cooled
off
at
about
$1.5
billion
daily,
unlike
the
higher
marks
seen
in
March.

Related
Reading

Major
Rally
for
Bitcoin
On
The
Horizon?

As
Bitcoin
maintains
its

position
above
$64,000,
showing
an
11.5%
increase
over
the
past
week,
the
market
appears
increasingly
bullish.

Insights
from
prominent
crypto
analyst
Rekt
Capital

indicates
that
overcoming
$65,000
might
see
Bitcoin
enter
a
new
high
price
cluster
zone
–
one
that
can
push
BTC
towards
as
much
as
$71,500.

 

#BTC

The
moment
Bitcoin
breaks
$65,000
(blue)
is
the
moment
Bitcoin
will
form
a
new
red
cluster
of
price
action

Breaking
$65,000
would
mean
price
would
be
ready
to
move
inside
the
$65,000-$71,500
region$BTC

#Crypto

#Bitcoin

https://t.co/yxOhRsmVU9

pic.twitter.com/TZMP37ufjx

—
Rekt
Capital
(@rektcapital)

July
16,
2024

Additionally,
whale
activity
continues
to
demonstrate
confidence
in
Bitcoin’s
long-term
value.
Recent
transactions

highlighted
by
Lookonchain,
such
as
a
notable

whale
purchasing
245
BTC
for
nearly
$16
million,
underscore
the
strategic
accumulation
amidst
this
rally.

Featured
image
created
with
DALL-E,
Chart
from
TradingView

Go to Source
Author: Samuel Edyme

Recommended Crypto Services, Products and Strategies: