The post Bitcoin (BTC) Surges Amid Positive Market Signals, Reaches 39-Day High appeared on BitcoinEthereumNews.com.

Joerg Hiller Jul 23, 2024 12:21 Bitcoin (BTC) hits a 39-day high at $68,560, recovering over 29% from its July lows, driven by strong market signals and increased investor confidence. Bitcoin (BTC) has experienced an exceptionally positive week, reaching a 39-day high of $68,560 and recovering over 29% from its local low on July 5, according to Bitfinex Alpha. The cryptocurrency saw five consecutive days of gains from July 12 to July 16, indicating strong upward momentum. Market Resilience Amid Large Sell-Off A significant event impacting the market was the German Federal Criminal Police Office (Bundeskriminalamt) liquidating over 48,000 BTC, creating substantial selling pressure. However, the market absorbed this selling pressure, demonstrating resilience and new demand. The exhaustion of selling pressure from both the German government and miners, who typically sell after halving to upgrade infrastructure, has contributed to the price recovery. The Miner Sustainability Index indicates that miners are now being compensated adequately, showing profitability for the first time in a month, suggesting the end of their equipment upgrade phase and reduced selling pressure. ETF Inflows and Investor Confidence ETF inflows were also positive, with close to $1.2 billion last week, marking the first positive inflows since early June. The primary reason is that the price has surpassed the average purchase price of ETF investors ($58,200), boosting market confidence. Order flow metrics also contribute to the optimistic sentiment. The Cumulative Volume Delta (CVD) spot index, which measures the difference between buy and sell volumes on centralized exchanges, has turned to net buying for the first time since early March, indicating reduced selling pressure. Long-Term and Short-Term Holder Trends As mentioned in the previous Bitfinex Alpha report, the Long-Term Holder Spent Output Profit Ratio (LTH SOPR), which divides the selling price of BTC by its purchase price, shows that selling…

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Filed under: News - @ July 24, 2024 3:22 am