- Bitcoin’s price recovery is linked to reduced sell-side pressure from major stakeholders.
- Increased ETF inflows and institutional demand are supporting Bitcoin’s current price stability.
Following a period of significant downturn, Bitcoin [BTC] now appears to have seen a noticeable rebound in price after reclaiming the $65,000 price mark earlier today.
Currently BTC trades at $65,448, up 4.4% in the past 24 hours. It is worth noting that the asset had earlier today traded as high as $66,059.
According to insights from the on-chain data provider Glassnode, this surge might be the result of a “near-term sell-side relief,” suggesting a temporary easing in selling pressures that have heavily influenced Bitcoin’s price trajectory in recent weeks.
The relief in sell-side pressure appears linked primarily to the cessation of large-scale sell-offs by significant holders, including the German government, which had been exerting downward pressure on Bitcoin’s market value.
This development suggests a pivotal shift in the market, potentially paving the way for more stable or increasing prices moving forward.
Source: Glassnode
Bitcoin: Analysis of recent market movements
Glassnode’s report highlights that the recent decline in Bitcoin’s price to around $53,000 was influenced by anticipated repayments from the defunct Japan-based crypto exchange Mt. Gox and substantial Bitcoin sales by the German government.
These factors contributed to an increased volume of Bitcoin hitting the market, intensifying sell-side pressure.
However, the bulk of the German government’s sell-off occurred in a condensed period from 7th July to 10th July, during which 39.8k BTC flowed out from official wallets, stabilizing shortly thereafter.
This stabilization coincided with Bitcoin prices not falling further, suggesting that the market had already absorbed the shock of these sales.
Further support for the price came from a significant influx of funds into Bitcoin spot ETFs, marking the first notable increase in interest since early June.
Over $1 billion flowed into these funds last week alone, aligning with Bitcoin’s price recovery and supporting the notion that the market might have reached a sell-side exhaustion point.
Source: Glassnode
In addition to the easing of sell-side pressures, there has been a notable uptick in institutional demand which has helped counterbalance the earlier outflows.
This demand is reflected in the substantial decrease in Bitcoin exchange flows, which are crucial indicators of market liquidity and investor sentiment.
Exchange flows have significantly declined from their all-time highs in March, finding a new baseline at approximately $1.5 billion daily.
Source: Glassnode
The decline in exchange flows generally indicates a reduction in selling pressure, as fewer holders are moving their Bitcoin to exchanges for sale. This, combined with the renewed institutional interest, suggests a healthier market outlook.
Upward move to be extended?
While Glassnode has revealed that the current rally in BTC’s price is due to complete exhaustion from sellers, it is worth looking at BTC fundamentals to gauge the sustainability of this upward trend.
Santiment data indicates a recovery in Bitcoin’s active addresses; from a drop to 11 million in late June from 17.35 million in March, the count has risen to 12.84 million.
This rebound suggests growing retail interest which could potentially support a continued rise in Bitcoin’s price.
Source: Santiment
Additionally, Bitcoin’s new address creation from Glassnode, underscores this positive sentiment. After dipping below 600,000 in late June, the number of new addresses climbed to 897,000 on 1st July, before settling at 763,000.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Despite this slight pullback, the consistent increase in active and new addresses may indicate a strengthening market presence, likely setting the stage for further price stabilization or gains.
Source: Glassnode
Supporting this outlook, AMBCrypto recently reported that Bitcoin’s ability to convert resistance levels into support could signal an impending stabilization or an upward price trajectory if it remains above key thresholds.
- Bitcoin’s price recovery is linked to reduced sell-side pressure from major stakeholders.
- Increased ETF inflows and institutional demand are supporting Bitcoin’s current price stability.
Following a period of significant downturn, Bitcoin [BTC] now appears to have seen a noticeable rebound in price after reclaiming the $65,000 price mark earlier today.
Currently BTC trades at $65,448, up 4.4% in the past 24 hours. It is worth noting that the asset had earlier today traded as high as $66,059.
According to insights from the on-chain data provider Glassnode, this surge might be the result of a “near-term sell-side relief,” suggesting a temporary easing in selling pressures that have heavily influenced Bitcoin’s price trajectory in recent weeks.
The relief in sell-side pressure appears linked primarily to the cessation of large-scale sell-offs by significant holders, including the German government, which had been exerting downward pressure on Bitcoin’s market value.
This development suggests a pivotal shift in the market, potentially paving the way for more stable or increasing prices moving forward.
Source: Glassnode
Bitcoin: Analysis of recent market movements
Glassnode’s report highlights that the recent decline in Bitcoin’s price to around $53,000 was influenced by anticipated repayments from the defunct Japan-based crypto exchange Mt. Gox and substantial Bitcoin sales by the German government.
These factors contributed to an increased volume of Bitcoin hitting the market, intensifying sell-side pressure.
However, the bulk of the German government’s sell-off occurred in a condensed period from 7th July to 10th July, during which 39.8k BTC flowed out from official wallets, stabilizing shortly thereafter.
This stabilization coincided with Bitcoin prices not falling further, suggesting that the market had already absorbed the shock of these sales.
Further support for the price came from a significant influx of funds into Bitcoin spot ETFs, marking the first notable increase in interest since early June.
Over $1 billion flowed into these funds last week alone, aligning with Bitcoin’s price recovery and supporting the notion that the market might have reached a sell-side exhaustion point.
Source: Glassnode
In addition to the easing of sell-side pressures, there has been a notable uptick in institutional demand which has helped counterbalance the earlier outflows.
This demand is reflected in the substantial decrease in Bitcoin exchange flows, which are crucial indicators of market liquidity and investor sentiment.
Exchange flows have significantly declined from their all-time highs in March, finding a new baseline at approximately $1.5 billion daily.
Source: Glassnode
The decline in exchange flows generally indicates a reduction in selling pressure, as fewer holders are moving their Bitcoin to exchanges for sale. This, combined with the renewed institutional interest, suggests a healthier market outlook.
Upward move to be extended?
While Glassnode has revealed that the current rally in BTC’s price is due to complete exhaustion from sellers, it is worth looking at BTC fundamentals to gauge the sustainability of this upward trend.
Santiment data indicates a recovery in Bitcoin’s active addresses; from a drop to 11 million in late June from 17.35 million in March, the count has risen to 12.84 million.
This rebound suggests growing retail interest which could potentially support a continued rise in Bitcoin’s price.
Source: Santiment
Additionally, Bitcoin’s new address creation from Glassnode, underscores this positive sentiment. After dipping below 600,000 in late June, the number of new addresses climbed to 897,000 on 1st July, before settling at 763,000.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Despite this slight pullback, the consistent increase in active and new addresses may indicate a strengthening market presence, likely setting the stage for further price stabilization or gains.
Source: Glassnode
Supporting this outlook, AMBCrypto recently reported that Bitcoin’s ability to convert resistance levels into support could signal an impending stabilization or an upward price trajectory if it remains above key thresholds.
I am glad to be a visitor of this pure weblog! , appreciate it for this rare information! .
I like this post, enjoyed this one regards for putting up.
Your place is valueble for me. Thanks!…
where can i get clomid how to buy generic clomiphene pill where to get clomiphene pill where to buy cheap clomid price clomiphene price cvs buy cheap clomiphene without prescription how can i get clomiphene pill
This is the kind of criticism I in fact appreciate.
More posts like this would prosper the blogosphere more useful.
order generic zithromax 500mg – generic tetracycline 250mg buy generic flagyl 200mg
buy domperidone medication – purchase domperidone generic oral flexeril
buy inderal paypal – order clopidogrel 150mg sale cheap methotrexate 10mg
buy amoxicillin generic – cheap amoxil sale cost ipratropium 100 mcg
buy cheap azithromycin – tindamax pills nebivolol ca
augmentin 625mg ca – atbio info buy generic acillin
esomeprazole 20mg over the counter – https://anexamate.com/ order esomeprazole 20mg capsules
coumadin 5mg pill – https://coumamide.com/ cost losartan 25mg
buy meloxicam 7.5mg pill – swelling mobic 7.5mg us
There are certainly a whole lot of particulars like that to take into consideration. That is a great level to carry up. I supply the ideas above as normal inspiration but clearly there are questions like the one you deliver up where an important thing can be working in honest good faith. I don?t know if finest practices have emerged around things like that, however I’m certain that your job is clearly recognized as a good game. Both boys and girls really feel the affect of just a second’s pleasure, for the rest of their lives.
buy prednisone 5mg – https://apreplson.com/ buy prednisone without prescription
buy ed pills us – over the counter erectile dysfunction pills buy ed pills canada
amoxil online order – combamoxi.com buy generic amoxicillin over the counter
buy escitalopram sale – on this site lexapro online
cenforce cost – https://cenforcers.com/# cenforce medication
when will teva’s generic tadalafil be available in pharmacies – https://strongtadafl.com/ benefits of tadalafil over sidenafil
zantac 300mg sale – on this site cost ranitidine 300mg
viagra sale calgary – strong vpls where i can buy viagra in delhi
Palatable blog you possess here.. It’s severely to assign great quality writing like yours these days. I honestly respect individuals like you! Withstand guardianship!! https://gnolvade.com/
I’ll certainly bring back to read more. order azithromycin pills
Good blog you possess here.. It’s hard to on strong worth script like yours these days. I justifiably comprehend individuals like you! Rent vigilance!! https://ursxdol.com/ventolin-albuterol/
I couldn’t hold back commenting. Warmly written! https://prohnrg.com/product/atenolol-50-mg-online/
I really enjoy looking through on this internet site, it contains great articles. “The longing to produce great inspirations didn’t produce anything but more longing.” by Sophie Kerr.
This is a topic which is in to my fundamentals… Diverse thanks! Faithfully where can I notice the contact details in the course of questions? https://aranitidine.com/fr/viagra-professional-100-mg/
More posts like this would make the online elbow-room more useful. https://ondactone.com/simvastatin/
The sagacity in this piece is exceptional.
purchase dutasteride without prescription
Thanks for sharing. It’s acme quality. http://www.predictive-datascience.com/forum/member.php?action=profile&uid=44796
Lovely just what I was searching for.Thanks to the author for taking his time on this one.
This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.
forxiga cheap – forxiga canada buy cheap forxiga
buy xenical pills – on this site order xenical online
I was just looking for this info for a while. After 6 hours of continuous Googleing, finally I got it in your website. I wonder what is the lack of Google strategy that do not rank this type of informative sites in top of the list. Generally the top sites are full of garbage.