The cryptocurrency market is witnessing a significant resurgence, with Bitcoin climbing back to $63.3K.
This rally began almost immediately after the near-assassination of former President Trump on Saturday, and the bullish momentum has shown no signs of slowing down. However, experts recommend caution, as the crowd’s overwhelming bullish sentiment could indicate potential volatility.
🤑 FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump's near assassination Saturday, and it hasn't slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear. pic.twitter.com/B0AuAqTO1v
— Santiment (@santimentfeed) July 15, 2024
Bitcoin’s sentiment has shifted towards greed and FOMO, evidenced by an 8.7% increase over the past 48 hours. Analysis reveals that 49% of the comments on Bitcoin are positive, 21% are neutral, and 30% are negative. This mixed sentiment suggests a market driven by high expectations but tempered by underlying caution.
🗣️ Bitcoin's sentiment has shown greed & FOMO signs following a +8.7% surge the past 48 hours. Comments are 49% positive, 21% neutral, and 30% negative for crypto's top market cap coin.
Also keep an eye on Solana-based Popcat, a rising meme coin gaining serious trader interest. pic.twitter.com/lGet47DjyE
— Santiment (@santimentfeed) July 15, 2024
Analyst Ali Martinez has noted that the TD Sequential indicator is presenting a sell signal on Bitcoin’s 4-hour chart, suggesting a possible brief correction.
The TD Sequential presents a sell signal on #Bitcoin $BTC 4-hour chart, anticipating a brief correction! pic.twitter.com/Rfjm6FYmIZ
— Ali (@ali_charts) July 16, 2024
Despite this, if Bitcoin reaches $65,500, approximately $29.39 million in short positions will be liquidated, potentially driving the price even higher.
$29.39 million in short positions will be liquidated if #Bitcoin $BTC surges to $65,500! pic.twitter.com/9o8KXCr2cd
— Ali (@ali_charts) July 16, 2024
On-chain data has added to the market buzz, with Mt. Gox transferring 42.587K BTC (worth $2.7 billion) to a new address, likely part of their ongoing refund process. They still hold 138.457K BTC ($8.7 billion). Additionally, in just two hours, they moved another $3 billion to new addresses, indicating significant activity.
They moved another $3B to a new wallet an hour ago, so in just 2 hours, they moved ~$5.7B to 2 new addresses pic.twitter.com/x3xNDQTabt
— Spot On Chain (@spotonchain) July 16, 2024
Bitcoin ETFs Continue Strong Movement With Notable Net Inflow
In the ETF space, Bitcoin ETFs continue to show strong net inflows. On July 15, 2024, there was a net inflow of $301 million, marking the seventh consecutive day of positive inflows. Notably, ARK (ARKB) saw an inflow exceeding $100 million after 27 trading days, while BlackRock (IBIT) reported another substantial inflow of $117 million. Meanwhile, Grayscale (GBTC) maintained a net flow of $0 after one day of inflow. Overall, the cumulative total net inflow for the 10 US Bitcoin ETFs has surpassed $16.11 billion, setting a new all-time high.
🚨 $BTC #ETF Net Inflow July 15, 2024: +$301M!
• The net inflow remains positive for 7 consecutive trading days!
• #ARK (ARKB) achieved an inflow of over $100M again after 27 trading days.
• #BlackRock (IBIT) continued to have another big inflow of $117M.
• #Grayscale… pic.twitter.com/o7fwqEdHUU
— Spot On Chain (@spotonchain) July 16, 2024
As the market continues to rally, investors are advised to remain vigilant. While the bullish momentum is strong, the potential for corrections and market fluctuations remains, especially given the significant movements of large holders like Mt. Gox and the high levels of FOMO-driven activity.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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