Have the Anticipated Whales in Bitcoin Returned? What Comes Next? Price Surpasses $58,000!
The dominant cryptocurrency, Bitcoin, dipped below $54,000 on Friday, facing selling pressure triggered by transfers within the scope of the German government and Mt.Gox refunds.
Nevertheless, BTC rebounded today and surged past $57,000.
Industry experts suggest that this recovery can be attributed to investors observing Mt. Gox’s $8 billion BTC refund, which indicates the US and German governments are managing to overcome the downward pressure from BTC sales.
In addition, analysts highlight that net inflows into spot Bitcoin ETFs have also played a supportive role in the rebound.
Largest Net Inflow in Spot Bitcoin ETFs in a Month!
Coinglass data reveals that US-based spot Bitcoin ETFs witnessed the highest net inflow day since June 6 on July 5, following two consecutive days of net outflows, with a total inflow of $143 million.
Analysts suggest that substantial inflows into ETFs imply that institutional investors and large-scale holders are capitalizing on the price drop to accumulate Bitcoin at lower levels.
Bitcoin Must Secure a Weekly Close Above $60,600!
In his latest YouTube video analyzing Bitcoin’s recent price movements, pseudonymous analyst Rekt Capital asserts that Bitcoin needs to achieve a weekly close above $60,600 in order to avoid further corrections.
Moreover, the analyst highlights that aside from the weekly close, BTC must gain more momentum to ascend within the price range of $57,000 to $65,000.
He further states that if BTC gains upward traction between $57,000-65,000, the price could surge to $65,000-73,000.
“For Bitcoin to resume an upward trajectory, it is imperative that the weekly close surpasses $60,600. Failure to do so would see the previous support transforming into resistance.
“After breaking the $60,600 resistance, BTC should also gather additional momentum within the $57,000 to $65,000 price range.”
*This should not be considered as investment advice.