Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Bitcoin (BTC) Hits 39-Day High Amid Market Recovery as Bullish Signals
ADOPTION NEWS

Bitcoin (BTC) Hits 39-Day High Amid Market Recovery as Bullish Signals

By Crypto FlexsJuly 22, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin (BTC) Hits 39-Day High Amid Market Recovery as Bullish Signals
Share
Facebook Twitter LinkedIn Pinterest Email

Iris Coleman
22 Jul 2024 12:22

Bitcoin (BTC) hit a 39-day high of $68,560, driven by strong bullish signals, ETF inflows, and market resilience, according to Bitfinex Alpha.





Bitcoin (BTC) showed remarkable resilience, hitting a 39-day high of $68,560, recovering more than 29% from its local low on July 5, according to Bitfinex Alpha. The surge showed strong bullish momentum, with five consecutive green daily closes from July 12-16.

Market resilience amid sell-side pressures

One of the major events that affected the market was the liquidation of over 48,000 BTC by the German Bundesbank, which led to significant selling pressure. However, the market absorbed this inflow and showed resilience and recovery in demand. Positive price movements and recovery were possible as selling pressure from both the German government and miners dissipated. The miner sustainability indicator shows that miners are now fairly paid and have returned to profitability for the first time in a month, suggesting that the machine upgrade phase is coming to an end.

Positive ETF inflows

ETF inflows were also positive, with around $1.2 billion recorded last week, the first positive interest since early June. The increase in inflows was due to prices exceeding the average cost of inflows for ETF holders of $58,200, giving the market new confidence.

Order Flow Metrics and Cumulative

Order flow indicators have contributed to the bullish sentiment. The spot cumulative volume delta indicator, which measures the net difference between market buy and sell volume on central exchanges, shows net buying activity for the first time since early March. Additionally, the Bitcoin Exchange Reserve indicator shows a rapid decline in BTC reserves held in exchange wallets, suggesting that large investors are buying during the selloff and moving assets off exchanges, indicating accumulation and potential supply pressure.

Short-term holder dynamics

The cost basis of short-term holders (STH) has also increased, with the realization price currently at $65,176. This indicates that there is renewed buying interest and confidence among short-term holders. The Short-term Holder Expenditure Output Profit Ratio (STH SOPR), which determines whether short-term holders realize profits or losses, is returning to equilibrium, indicating that the capitulation of this group is over.

Economic factors and regulatory developments

In the broader economic environment, U.S. retail sales figures showed a significant slowdown in inflation, which had a positive impact on consumer spending. However, the housing market suffered from high mortgage rates and a shortage of affordable housing. Despite these challenges, manufacturing showed resilience, and factory production exceeded expectations.

Additionally, the US leading economic index continued to contract in June, but at a slower pace, suggesting a less negative long-term growth outlook. On the regulatory front, the US SEC’s approval of Spot Ethereum ETFs from Fidelity, VanEck, and others represents a significant step forward. These ETFs are scheduled to begin trading on July 23, 2024. In Hong Kong, stablecoin sandbox participants face a new regulatory framework, while South Korea has enacted a virtual asset user protection law that mandates strict security measures for exchanges.

For more details, visit the original report on Bitfinex Alpha.

Image source: Shutterstock


Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The best Solana depin project to form the future -Part 2

September 8, 2025

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025
Add A Comment

Comments are closed.

Recent Posts

The price of Etherrium surges beyond $ 4,500. -Main level for monitoring more profits

September 12, 2025

BNBCapital Emerges As Top Immutable DeFi Protocol With 239% Returns And Zero Admin Functions

September 12, 2025

MEXC Enhances Futures Trading With Multi-Asset Margin Mode Across 14 Tokens

September 12, 2025

Ethereum Based Meme Coin Pepeto Presale Past $6.6 Million As Exchange Demo Launches

September 12, 2025

BlockchainFX Raises $7.24M In Presale As First Multi-Asset Super App Connecting Crypto, Stocks, And Forex Goes Live In Beta

September 12, 2025

Phemex Launches Multi-Assets Mode To Enhance Trading Efficiency And Risk Management

September 12, 2025

Ethereum Meme Coin Little Pepe Crosses $25M, Announces 15 ETH Giveaway

September 12, 2025

DOLLUM Expands Wallet Opportunities, Introducing New Security Features Following The DOL Token Sale

September 12, 2025

Ethena (ENA) Eye 50% rally, whale activities, transactions and users surge

September 12, 2025

Bitmine ‘s ethereum Holdings 46,255 Eth Buy 2.1 million units

September 12, 2025

Manual guide: beginner guide

September 11, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The price of Etherrium surges beyond $ 4,500. -Main level for monitoring more profits

September 12, 2025

BNBCapital Emerges As Top Immutable DeFi Protocol With 239% Returns And Zero Admin Functions

September 12, 2025

MEXC Enhances Futures Trading With Multi-Asset Margin Mode Across 14 Tokens

September 12, 2025
Most Popular

NVIDIA unveils AI, robotics and quantum computing software on AWS

December 4, 2024

Canaan Inc. secures $30 million in Series A-1 financing

November 26, 2024

According to analysts, whales have suddenly accumulated $346 million worth of the top 10 altcoins in just one week.

July 3, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.