Bitcoin price has risen by 4.5% from yesterday’s low, quickly surpassing the $69,000 barrier. Over the past few sessions, Bitcoin price has been experiencing selling pressure that led to a 3% drop in the previous trading session.
Buyers managed to stage a strong recovery, with the price seeing a sharp rise thanks to support from whales. In parallel with this rise, open interest contracts saw a significant increase of around $1.4 billion in a single day.
Decoding Derivatives Data
Bitcoin derivatives data recorded positive inflows of around 1.4 billion contracts, reflecting Bitcoin’s recovery from its daily lows of $63.5 thousand. This increase in open interest contracts indicates expectations of opening new long-term volatility positions.
In addition, the Bitcoin 2024 conference has generated a lot of buzz thanks to the presence of Donald Trump, and is scheduled to be held in Nashville, Tennessee. The rise in derivatives data reflects the trend of short-term futures traders towards long positions ahead of Trump’s speech at the conference.
In light of expectations for positive comments from Trump, futures traders are heavily inclined towards long positions. However, any slight pullback to $65K could put $1.4 billion worth of long positions at risk
Whale Accumulation
On-chain analytics platform CryptoQuant has shown that there is a significant accumulation of Bitcoin by large investors known as whales. CEO Ki Young Ju referred to this “unprecedented” trend in a recent post on the X platform
Around 358,000 BTC have been moved to permanent custody addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC. While not all Bitcoin is in custody, the accumulation phase is clear, indicating a significant wealth transfer within the crypto market.
Altcoins Rise as Bitcoin Approaches $70,000
The altcoin market has seen a significant surge as a result of Bitcoin’s bullish momentum, which is approaching the $70,000 mark. This surge has led to several digital projects making significant gains. Maintaining a strong support level at $66,500, Bitcoin’s bullish move has prompted several altcoins to register positive price movements, reflecting the dynamic interaction between digital currencies in the market.
As Bitcoin advances towards $70,000, the altcoin market has seen a significant recovery, leading to a surge in the values of various projects. From AI-integrated tokens like AIOZ, to trend-following meme coins like BOME and MOG, it is clear that the altcoin market has responded strongly to Bitcoin’s bullish momentum. Investors are advised to stay tuned and conduct thorough research as they navigate this dynamic and rapidly changing market.
Bitcoin-related tokens are also seeing a significant surge, benefiting from Bitcoin’s recent attempt to reclaim the $70,000 mark following Donald Trump’s pro-crypto statement at the Bitcoin conference. Bitcoin Cash (BCH) and Bitcoin SV (BSV) both saw a surge of over 14% on Monday, contributing to the biggest gains among top digital assets.
Bitcoin has surged over 3% in the past 24 hours, surpassing the $69,000 level, reflecting the overall bullish sentiment in the market. Tokens like Ether (ETH) and Solana (SOL) also registered a surge of over 4%.
At the forefront of the market, Bitcoin Cash (BCH) and Bitcoin SV (BSV) emerged as the biggest gainers. BCH surged 14% after Mt. Gox completed its distribution of tokens to its creditors.
Coinglass data shows that $3.39 million worth of bets on BCH were liquidated in the past 24 hours, with almost all of the liquidated positions being shorts, worth $3.32 million, reflecting the bullish outlook for the market.
BCH and BSV Prices Jump Significantly as Trump’s Pledges Impact Markets
Market data suggests that traders’ expectations of a bearish trend for BCH were incorrect, as the cryptocurrency has seen a significant surge of over 16% over the past week. As of this writing, BCH is trading at an average price of $449.45, with trading volume up 41% to $479 million.
On the other hand, BSV has seen a 16% surge over the past 24 hours, after a period of struggling to make gains. Although BSV is still down around 45% year-over-year, it has shown a significant recovery, currently trading at an average price of $52.59. BSV’s trading volume has increased by 91% to $61.6 million. The market moves come amidst exciting assurances from former President Donald Trump, who pledged at the Nashville Bitcoin Conference not to impose federal Bitcoin sales if re-elected, also emphasizing his goal of making the United States a leader in crypto. Additionally, Trump indicated that he would fire SEC Chairman Gary Gensler, which could have a positive impact on the crypto market. These statements helped push Bitcoin’s price closer to the $70,000 level, after trading as low as $63,000 over the past week. Bitcoin is currently trading at an average price of $69,448.
Can Bitcoin break the $70,000 barrier this time?
The BTC/USD pair is signaling a strong recovery, with Bitcoin up 2.5% in a single day, reclaiming the $67,000 level. BTC has also recovered from its 50-day exponential moving average (EMA), extending the uptrend. With the price currently trading around 14% above the 200-day EMA, the $68K level could be the last hurdle before reaching $70K.
