Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
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

Microstrategy (MSTR) Analysis: Premium Evaluation and Bitcoin Strategy

May 24, 2025

The Xbox Game Pass is extended to retro classic and new PC game features.

May 24, 2025

Creating AI revolutionizes the Dynamics 365 business application

May 24, 2025
Add A Comment

Comments are closed.

Recent Posts

According to Senator Hagerty, this password will be the largest US Treasury holder in the world.

May 24, 2025

Microstrategy (MSTR) Analysis: Premium Evaluation and Bitcoin Strategy

May 24, 2025

Ultimate guide to protection of offline assets

May 24, 2025

Avax charges a blockchain fee, but the sleeve is quietly extracted. What does this mean?

May 24, 2025

The Xbox Game Pass is extended to retro classic and new PC game features.

May 24, 2025

Crypto, NFTS is a lifeboat of the Sinking Fiat system: Finance redefined

May 24, 2025

Creating AI revolutionizes the Dynamics 365 business application

May 24, 2025

NASDAQ composite, ETH, DOGE and PEPE Coin Heat increase in culture and pepeto

May 24, 2025

Maxwell Hardfork: BSC speeds up to 0.75 seconds block time.

May 24, 2025

SUI’s $ 220 million password hacking fuel centralized back rash

May 24, 2025

The world’s best encryption exchange through trading volume has announced the upcoming support for consumer -oriented Altcoin in Binance Alpha.

May 24, 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

According to Senator Hagerty, this password will be the largest US Treasury holder in the world.

May 24, 2025

Microstrategy (MSTR) Analysis: Premium Evaluation and Bitcoin Strategy

May 24, 2025

Ultimate guide to protection of offline assets

May 24, 2025
Most Popular

BlackRock, Nasdaq, SEC Hold Another Meeting on Spot Bitcoin ETF

December 20, 2023

Memecoin launcher Pump.fun claims former employee behind $1.9 million exploit.

May 17, 2024

Large Holder Netflow Increases 1079% to 4.68 Trillion SHIB

December 13, 2023
  • 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.