Originally published on: July 26, 2024
Subheading 1: Bitcoin Rally Boosts Profits for Short-Term Holders
Recent reports by Glassnode reveal that over 75% of short-term Bitcoin holders are now in profit. This surge in profitability among short-term holders is seen as a positive indicator for Bitcoin’s price trajectory, potentially providing the momentum for further upward movement.
Subheading 2: Key Support Levels and Resistance Ahead
Despite facing a $3.9 billion BTC futures expiry, Bitcoin managed to stabilize above a crucial support level, currently standing at $65,000. Rekt Capital, a renowned crypto analyst, emphasized the significance of this support level in sustaining Bitcoin’s upward momentum in the recent rally.
Subheading 3: Liquidations and ETF Inflows
As Bitcoin hovers around the $68,000 mark, there is a substantial resistance level to overcome. Data from CoinGlass suggests that there are nearly $700 million worth of leveraged short positions at risk of liquidation if Bitcoin surpasses $68,000. Exceeding the $68,500 mark could trigger short liquidations exceeding $1 billion.
Furthermore, the growth in US spot Bitcoin exchange-traded funds (ETFs) inflows has slowed down since July 23, signaling a potential shift in investor sentiment. Despite reaching cumulative inflows of $31.1 million on July 25, the steady inflows of these ETFs play a crucial role in determining Bitcoin’s price movements.
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