After a rough June, bitcoin rebounded in July. Some investors who had previously expressed devotion to the largest digital currency propelled it higher last month.
Recent data from IntoTheBlock indicates large bitcoin investors gobbled up the cryptocurrency in July following a June swoon. First, let’s define “large.” IntoTheBlock defines big bitcoin addresses as those holding at least 0.1% of circulating supply. Bitcoin’s circulating supply currently stands at 19.73 million, according to CoinMarketCap data.
“Large holders, or addresses owning at least 0.1% of BTC’s circulating supply, snapped up over 84K BTC, worth $5.4 billion at the current market price, according to data tracked by blockchain analytics firm IntoTheBlock and TradingView. That’s the biggest single-month tally in BTC terms since October 2014,” reported Omkar Godbole for CoinDesk.
Bitcoin Buyers Capitalized on Bargains
Following the aforementioned June slump, bitcoin entered July hovering around $55,000. That was low enough to be seen as “value” and it enticed big bitcoin holders to add to their stakes. The cryptocurrency eventually rallied to $69,000 over the course of July, but couldn’t break through $70,000 to make a run at the all-time high set in March. Bitcoin has retreated in recent days and traded around $65,130 as of late Thursday.
While bitcoin’s June tumble and a July gain that was far below its typical upside for the seventh month of the year may be concerning to some crypto investors, some experts argue recent price gyrations are in line with bitcoin’s typical behavior during bull markets. Indeed, there’s shortage of bullish, arguably audacious calls regarding bitcoin’s next upside targets.
“BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line. A breakout could lead to a massive upside rally. The technical target for this pattern is $95,700,” noted crypto analyst Mags in a recent post on X.
That’s more than $30,000 above where bitcoin currently resides. Some technical analysts argue that in order for the cryptocurrency to notch noteworthy near-term upside — let alone toward $90,000 or beyond — a weekly close above $71,500 is essential for those pursuits.
“A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range. However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more,” noted Rekt Capital.
From current levels, the “baby step” is getting above $67,500, which could force over $1 billion worth of short covering on bearish bitcoin bets.
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