-
Bitcoin
spot
ETFs
received
the
third
consecutive
day
of
inflows
on
Wednesday.
-
The
German
Government’s
transfer
of
10,853
BTC
on
Wednesday
may
negatively
impact
Bitcoin’s
price.
-
Donald
Trump
will
speak
at
the
Bitcoin
2024
conference
in
Nashville
on
July
27.
-
On-chain
data
shows
that
small
Bitcoin
wallets
are
getting
liquidated
while
whales
and
sharks
are
growing
in
number.
Bitcoin
(BTC)
price
edges
up
by
0.5%
on
Thursday,
though
it
struggles
to
break
above
the
weekly
resistance
level
at
around
$58,500,
amid
on-chain
data
indicating
liquidation
among
small
Bitcoin
wallets,
alongside
an
increase
in
the
number
of
whales
and
sharks.
The
German
Government’s
transfer
of
10,853
BTC,
valued
at
$637.67
million,
is
anticipated
to
have
a
potentially
adverse
effect
on
Bitcoin’s
price.
Meanwhile,
Bitcoin
spot
ETFs
saw
inflows
for
the
third
consecutive
day,
totaling
$147.40
million
on
Wednesday.
Daily
digest
market
movers:
Bitcoin
spot
ETF
received
$147.40
million
in
inflows
on
Wednesday
-
According
to
Coinglass
data,
on
Wednesday,
US
spot
Bitcoin
ETFs
saw
inflows
for
the
third
straight
day
this
week,
amounting
to
$147.40
million.
This
indicates
increasing
investor
confidence
and
may
predict
a
short-term
rise
in
Bitcoin’s
price.
Monitoring
the
net
inflow
data
of
these
ETFs
is
important
for
grasping
market
dynamics
and
investor
sentiment.
Presently,
the
combined
reserves
of
Bitcoin
held
by
the
11
US
spot
Bitcoin
ETFs
amount
to
$50.58
billion.
Bitcoin
Spot
ETF
Net
Inflow
chart
-
The
Bitcoin
Conference
Twitter
account
announced
that
Donald
Trump,
the
45th
president
of
the
United
States,
will
be
a
featured
speaker
at
Bitcoin
2024
event,
the
world’s
largest
Bitcoin
conference
in
Nashville,
Tennessee,
from
July
25
to
July
27.
This
announcement
comes
amid
Trump’s
recent
endorsement
of
Bitcoin
(BTC)
and
the
Republican
party’s
commitment
to
integrating
the
cryptocurrency
into
their
platform,
with
assurances
to
protect
Bitcoin
mining
and
self-custody.
-
Bitcoin
2024
aims
to
continue
the
success
of
previous
conferences
held
in
Miami.
Bitcoin
2021
gained
attention
when
El
Salvador’s
President
Nayib
Bukele
declared
Bitcoin
as
legal
tender.
Subsequent
events
in
2022
and
2023
featured
significant
moments,
including
US
Presidential
candidate
Robert
F.
Kennedy
Jr.’s
supportive
address
of
the
Bitcoin
industry.
-
As
Trump
seeks
the
presidency,
his
backing
of
Bitcoin
contrasts
with
President
Joe
Biden’s
more
cautious
stance
towards
cryptocurrencies.
With
Biden’s
attendance
at
Bitcoin
2024
yet
to
be
confirmed,
the
event
may
underscore
the
candidates’
differing
approaches
to
Bitcoin.
-
Sentiment
data
for
10+
BTC
wallets
show
wallets
holding
more
than
10
BTC.
Bitcoin
whale
and
shark
wallets
are
increasing
while
small
traders
sell
off
their
bags
during
this
dip
period.
July
has
seen
a
net
increase
of
+261
wallets
holding
at
least
10
BTC,
which
should
give
traders
comfort
in
a
long-term
bullish
future.
Bitcoin
10+
BTC
holdings
chart
-
According
to
data
from
Lookonchain,
the
German
Government
transferred
10,853
BTC,
valued
at
$637.67
million,
out
and
received
2,442
BTC
worth
$140.47
million
on
Wednesday.
-
The
8,441
BTC,
valued
at
$497.2
million,
was
transferred
from
its
wallet
to
Cumberland,
Flow
Traders,
Kraken,
Bitstamp,
and
Coinbase.
This
significant
constant
transfer
activity
from
the
German
Government
may
have
triggered
FUD
(Fear,
Uncertainty,
Doubt)
among
traders,
potentially
contributing
to
a
decline
in
Bitcoin’s
price.
-
Furthermore,
as
per
Arkham
Intelligence,
the
German
Government’s
status
as
a
“Bitcoin
billionaire”
ended
on
Wednesday,
with
13,360
BTC
worth
$784.96
million
remaining,
representing
26.8%
of
the
Bitcoin
initially
seized
from
Movie2k.
Notably,
Blackrock’s
wallet
is
actively
purchasing
the
Bitcoin
sold
by
the
German
Government.
Technical
analysis:
BTC
faces
resistance
on
weekly
level
of
around
$58,500
Bitcoin
price
has
faced
resistance
around
the
weekly
resistance
of
$58,375
for
the
last
five
days.
At
the
time
of
writing,
BTC
trades
0.5%
up
at
$57,974
on
Thursday.
Additionally,
BTC
trades
below
a
descending
trendline,
which
is
drawn
from
joining
multiple
swing
high
levels
from
early
June
to
mid-July.
If
BTC
closes
above
the
weekly
resistance
at
the
$58,375
level
and
breaks
above
the
descending
trendline,
it
could
rise
9%
to
revisit
the
daily
resistance
at
$63,956.
Moreover,
the
formation
of
a
lower
low
in
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index’s
(RSI)
indicator
higher
high
during
the
same
period.
This
development
is
termed
a
bullish
divergence
and
often
leads
to
the
reversal
of
the
trend
or
a
short-term
rally.
BTC/USDT
daily
chart
However,
if
BTC
closes
below
the
$52,266
daily
support
level
and
forms
a
lower
low
in
the
daily
time
frame,
it
could
indicate
that
bearish
sentiment
persists.
Such
a
development
may
trigger
a
4%
decline
in
Bitcoin’s
price
to
revisit
the
February
23
low
of
$50,521.
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