Bitcoin made a remarkable leap, briefly soaring past $62.6K—a staggering 25% increase in just over three days.
This unexpected surge caught many average traders off guard, highlighting the volatile nature of the cryptocurrency market.
As excitement builds, some investors are now eyeing potential price targets of $70K to $75K for Bitcoin and $3.0K to $3.5K for Ethereum. However, these optimistic projections might signal a market top, so caution is advised.
📈 Bitcoin briefly crossed all the way above $62.6K, a +25% ascension in just over 3 days. As usual, average traders have been caught off guard.
Look for sudden increased excitement of potential $70K-$75K BTC prices, or $3.0K-$3.5K ETH prices, as respective top signals. pic.twitter.com/gNZ0rhF1tD
— Santiment (@santimentfeed) August 9, 2024
One key factor to watch is the behavior of short-term Bitcoin whales. The realized price for these whales is currently in the $64K to $65K range, a level that could act as significant resistance in the near term. If Bitcoin approaches this range, it may face challenges in sustaining its upward momentum.
Pay attention to #Bitcoin short-term whales
“The short-term holder whale realized price is in the 64K-65K range. This level may present itself as a resistance.” – By @XBTManager
Get the full insight 👇https://t.co/MgZCbsB060 pic.twitter.com/Rqs3GPtht3
— CryptoQuant.com (@cryptoquant_com) August 9, 2024
Bitcoin Spot ETF Records Net Inflow Of $193 Million
On August 8, the Bitcoin spot ETF market saw notable activity, with a total net inflow of $193 million. Grayscale’s ETF, GBTC, experienced an outflow of $183 million, signaling some investors taking profits or reallocating their positions. In contrast, BlackRock’s ETF, IBIT, recorded a substantial inflow of $158 million, while the WisdomTree ETF, BTCW, saw an inflow of $119 million.
🚨 BREAKING: On August 8, #Bitcoin spot #ETFs recorded a total net inflow of $193 million. #Grayscale #ETF #GBTC experienced an outflow of $183 million, while the #BlackRock $ETF #IBIT saw an inflow of $158 million, and the #WisdomTree ETF #BTCW had an inflow of $119 million. pic.twitter.com/Ux0oRCCVp2
— CoinEcho (@mycoinecho) August 9, 2024
These ETF movements reflect shifting investor sentiment and the growing interest in Bitcoin as a key asset in the cryptocurrency space. As the market continues to evolve, keeping an eye on these trends and the actions of short-term whales will be crucial for navigating the next phase of Bitcoin’s price action.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any project.
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