Bitcoin price surged nearly 4.5% from yesterday’s low, making a quick move above the $67K mark. For the last few sessions, BTC price was under selling pressure that pushes BTC by 3% in yesterday’s trading session.
BTC bulls made a strong comeback as price took a sharp rebound with some support from Bitcoin whales. Along with the appreciation in BTC price, the Open Interest contracts saw a significant surge of around $1.4 Billion in a day.
Decoding the Derivatives Data
BTC derivatives data recorded a positive inflow of nearly $1.4 Billion contracts as the BTC rebounded from the daily lows of $63.5K. The increase in Open Interest contracts indicates new positions being opened for longer term expectations of volatility.
Moreover, the recent Bitcoin 2024 conference is creating a buzz due to Donald’s Trump presence. The Bitcoin 2024 conference is set to be held in Nashville, Tennessee.
The recent surge in derivatives data highlights that the short term futures traders seemed to be skewing towards long positions ahead of Donald Trump’s speech at the Bitcoin’s 2024 conference.
Additionally, in hope of a positive remark from Donald Trump, the Future traders are heavily skewed toward long positions. As a result, even a slight retracement to $65,000 may put $1.4 Billion worth of long positions at risk, according to data obtained from an on-chain analytics website app.santiment.net
Bitcoin Whales Found Accumulating Again
Furthermore, on-chain analytics platform CryptoQuant showed significant Bitcoin accumulation by large-volume investors, known as whales. Also, the same was highlighted by the CEO Ki-Young Ju who described this trend as “unprecedented,” in a recent post on X (formerly Twitter).
He mentioned that nearly 358,000 BTC was moved to permanent holder addresses over the past month. In July alone, global spot ETF inflows reached 53,000 BTC.
Although not all BTC is in custody wallets, the accumulation phase is clear. The same indicated a substantial transfer of wealth within the crypto market.
Additionally, the Total Value Locked (TVL) in Bitcoin stands at $701.92 Million. This reflects an ongoing engagement and investment in the cryptocurrency market.
Can Bitcoin Conquer the $70K Mark This Time?
The BTC/USD daily chart shows a strong rebound yesterday, which resumed today as well. The largest cryptocurrency saw an impressive 2.5% rise intraday reclaiming back the $67K mark. Moreover, BTC rebounded from the 50 day EMA, extending the bullishness.
The long term trend is already bullish as the price was nearly 14% higher than the 200 day EMA. The $68K may act as the most recent hurdle, which, once surpassed, could pave the way towards $70K.
If the BTC falls below the recent support of $63K, it may invalidate the bullish scenario and the price may retreat further. At the time of writing, the MACD line and signal line revealed a divergence, suggesting the continuation of the trend.
