With a sustained BTC recovery, a crypto price breakout is possible as multiple indicators are pointing towards one at the current market conditions.
A likely crypto rally could soon hit the market, led by the recent BTC recovery. Bitcoin is close to breaching the $70,000 mark, while other tokens have also followed suit. If it occurs, a crypto price breakout in the market could be soon on the cards. Meanwhile, the focus is currently on the spot ether ETFs, which have managed to bag billions in inflows recently.
A leading asset manager published a report which noted the inflows from the spot ether ETFs at $2.2 billion. At the same time, BTC has also reportedly seen $519 million in inflows as of July 29.
The report stated, “The launch of the US spot-based Ethereum ETFs saw some of the largest inflows since December 2020, with newly issued ETFs seeing US$2.2bn inflows, while trading volumes in ETH ETP rose by 542%. “
Open positions in Bitcoin futures have also risen recently, touching $39.46 billion. The last time such numbers emerged was back in March 2024. Hence, a big price spike could occur in BTC soon. Bitcoin’s dominance has also increased in the last few days, which has aided the overall crypto market cap to surge. Meanwhile, the ether ETFs helped ETH to cross $3,300 in the last 24 hours.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,600 on July 29, 2024, with BTC/USD trading higher by a margin of around 2.9% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 62,400), as BTC’s 24-hour volume was at approximately $23.7 billion. The global crypto market cap increased by around 2%, trading above $2.4 trillion. BTC’s year-to-date returns are above 65%.
Join Millionero for the best experience while trading crypto!