After
concerns
early
this
week,
Bitcoin
has
rebounded
sharply
at
spot
rates.
At
the
time
of
writing,
the
world’s
most
valuable
coin
is
up
20%
from
July
2024
lows.

Considering
the
upsurge
from
July
25,
there
is
a
high
chance
it
will
pierce
$70,000
over
the
weekend
and
even
break
above
the
all-important
liquidation
level
of
$72,000.

 

Analyst:
Expect
Bitcoin
To
Range
Between
$75,000
And
$95,000

As
Bitcoin
regains
footing,
much
to
the
excitement
of
bulls,
some
analysts
now
believe
this
is
the
beginning
of
the
next
leg
up.
This
preview
is
positive,
at
least
based
on
the
recent
price
action.

Taking
to
X,
one
analyst

said

the
zone
between
$75,000
and
$95,000
will
be
the
next
“hated”
region.
At
this
zone,
the
coin
would
have
broken
above
all-time
highs
at
$74,000,
last
printed
in
March,
adding
roughly
30%
to
peak
at
$95,000.
When
this
happens,
the
analyst
said
the
Bitcoin
market
“will
not
be
as
generous
to
bears
as
it
is
now.”

The
precise
timeline
remains
uncertain
even
as
traders
expect
the
coin
to
rip
higher.
Traders
must
wait
until
bulls
clear
the
roadblock
at
$72,000
and
all-time
highs.

Looking
at
price
action
between
March
and
July,
it
is
evident
that
buyers,
though
in
charge,
struggled.
The
correction
from
around
$74,000
to
$53,500
in
early
July
represented
a
nearly
27%
dip,
one
of
the
deepest
when
the
market
rallied.

 

Bitcoin
Market
Shakes
Off
Mt.
Gox
Fears

Multiple
factors
will
drive
demand
from
now
on.
One
of
them
is
the
general
resilience
among
bulls
as
the
collapsed
Mt.
Gox
exchange
distributes
coins.
So
far,
on-chain
data

shared

by
one
analyst
reveals
that
the

Mt.
Gox
BTC
reserve
has
fallen
by
66%,
distributing
nearly
95,000
BTC.

Interestingly,
despite
initial
fears
that
the
market
would
drop,
extending
losses
of
early
July,
prices
have
been
steady,
recovering.
The
failure
of
this
event
to
force
prices
lower
or
dampen
trader
or
investor
sentiment
is
a
massive
boost
of
confidence.

Moreover,
other
on-chain
data

shows

that
long-term
holders
(LTHs),
most
of
whom
are
institutions
or
miners
who
have
held
for
over
155
days,
have
been
accumulating.
One
analyst
noted
that
these
entities
exited
when
prices
rose
above
$68,000
and
all-time
highs.

They
could
be
doubling
down
after
offloading
126,000
BTC
worth
over
$8
billion
at
spot
rates.
Accordingly,
the
absence
of
selling
pressure
from
this
cohort
will
likely
support
prices,
propping
up
bulls
looking
to
breach
$72,000
in
the
coming
sessions.

 

Feature
image
from
Canva,
chart
from
TradingView

Go to Source
Author: Dalmas Ngetich

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