Amidst the tight battle for BTC’s price range between both bulls and bears, Bitcoin ETF investors have taken the lead and aided the bulls in helping BTC’s price cross its resistance zone.
After an opportunity for buyers emerged in the crypto market, Bitcoin ETF investors were the first to take the lead. The ‘buy the dip’ trends in the crypto community thus intensified as the crypto market witnessed an uptrend. In the last 24 hours, bulls successfully overturned a bearish price retest for Bitcoin at $53,000. The next resistance zone for BTC could form at $60,000, if it consolidates in its current price range in the next few days.
Inflows in the spot Bitcoin ETFs touched $294 million on July 8. It marks two successive days of inflows in the ETFs. This has been a major driver of the crypto trends of the last 24 hours. As a result, the present crypto trends hint at an optimistic outlook for reclaiming the $60,000 mark.
ETH was another recent winner in the crypto market. It went up by around 4%, going above $3,000 once again. Other gainers include XRP, SOL, SHIB, LINK, and a few other tokens. Meanwhile, the issue of BTC worth billions set to hit the market soon has been looming in the last few days. The source of this BTC is a defunct exchange that is reimbursing its users.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,500 on July 9, 2024, with BTC/USD trading higher by a margin of 2.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.13 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (62,127.16), as BTC’s 24-hour volume was at around $35.71 billion. The global crypto market cap increased by around 3.28%, trading above $2.11 trillion. BTC’s year-to-date returns are at 36.95%.
Join Millionero for a smooth start to trading crypto!