Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price

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As an experienced analyst, I’ve seen my fair share of Bitcoin price movements over the years. The recent correction in June was a reminder of the volatile nature of this asset class, but the latest on-chain data and strategic transactions suggest a bullish outlook for July.

Bitcoin is off to a positive start this week, potentially signaling an end to the prolonged correction experienced in June. Investors are actively debating Bitcoin’s price trend in July, but on-chain data, historical patterns, and significant transactions suggest a bullish outlook. Although short-term fluctuations persist, many investors remain optimistic about Bitcoin’s future value. Notably, there has been an intriguing surge of $500 million in buy orders under the current market price and a rise in open interest, as highlighted by renowned crypto analyst Daan Crypto Trades.

Bitcoin Investors Place $500 Million Bids Below Price

Over the weekend, Bitcoin hovered around $61,000 for most of its trade, with bulls making efforts to keep it from dipping beneath $60,000 once more. A social media post by Daan Crypto Trades featuring a BTCUSDT chart indicated that numerous strategic investors have prepared positions below this price mark, anticipating a potential Bitcoin purchase if the price falls under $50,000.

Over the weekend, this engaging strategy resulted in over $500 million worth of purchase prices, ranging from above $60,500 to below $58,500. These bids establish a substantial base for buying activity, preventing any significant price decrease. This results in robust support levels, making it highly unlikely that the price will plummet catastrophically below $60,000 in the near future.

Daan Crypto Trades made a noteworthy observation about a rise in Bitcoin’s open interest. According to recent data from CoinGlass, this increase amounts to a 3.11% growth over the past 24 hours across various crypto exchanges. This surge in open interest signifies fresh capital flowing into the market, indicating a positive and bullish outlook among traders.

#Bitcoin $500M+ in bids were placed below price (but mostly pulled) and open interest going up.

As a researcher, I have some doubts that we’ll observe our typical weekend price action this time around. The market activity has been quite substantial compared to the norm.

End of the quarter usually causes some interesting moves.

— Daan Crypto Trades (@DaanCrypto) June 29, 2024

What To Expect In July

As a crypto investor, I’ve experienced my fair share of surprises when it comes to Bitcoin’s price action. In June, for instance, we witnessed a 9.85% decline – a stark contrast to May’s impressive 11.07% increase. This rollercoaster ride underscores the inherent volatility in cryptocurrencies and serves as a reminder of Bitcoin’s historical price fluctuations. Consequently, traders have become more cautious in their approach to managing their Bitcoin holdings this month.

As a crypto investor, I’m observing that Bitcoin is currently priced at $63,200 with a 3% increase over the past 24 hours (at the moment of writing this). Historically speaking, when Bitcoin experiences a downward trend in June, it tends to recover significantly in July. Crypto analyst Ali Martinez has pointed out that such negative price actions in June have typically resulted in an average return of 7.98% and a median return of 9.60% for the month of July. Consequently, if history repeats itself, we might expect Bitcoin to reach prices between $68,000 and $69,500 by the end of this month.

Historically speaking, Bitcoin has a tendency to recover from any losses it may have experienced in June quite robustly in the following month of July. On average, Bitcoin has yielded a return of 7.98% and a median return of 9.60% during this period.

— Ali (@ali_charts) June 30, 2024

Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price

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2024-07-01 19:16