The post Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price appeared on BitcoinEthereumNews.com.

Bitcoin looks like it’s starting to kick off the week on the right foot, suggesting the end of the correction that lingered throughout June. While investors continue to ponder on Bitcoin’s price trajectory in July, on-chain data, price history, and strategic transactions point to a bullish July. Despite the short-term volatility, many investors remain bullish on Bitcoin’s long-term prospects. Notably, data shows an interesting $500 million increase in bids below the spot price and a rise in open interest, as pointed out by popular crypto analyst Daan Crypto Trades.  Bitcoin Investors Place $500 Million Bids Below Price Bitcoin traded for the majority of the weekend just above $61,000 as the bulls fought to prevent another drop below $60,000. According to a BTCUSDT chart shared on social media over the weekend by Daan Crypto Trades, many strategic investors have positioned themselves below the price level to jump on Bitcoin in case of a break below $50,000. Related Reading This exciting strategy amounted to over $500 million in buy prices over the weekend across price points stretching from above $60,500 to below $58,500. The bids create a solid foundation of buying pressure that prevents the price from falling much further. This creates intense support levels, making it extremely unlikely we’ll see a capitulation-style price collapse below $60,000 anytime soon.  Furthermore, Daan Crypto Trades pointed out a corresponding increase in the Bitcoin open interest. The latest data from CoinGlass supports this claim, with a 3.11% increase in open interest across various crypto exchanges in the past 24 hours. This increase in open interest represents new money coming into the market, which suggests a bullish, optimistic sentiment among traders. #Bitcoin $500M+ in bids were placed below price (but mostly pulled) and open interest going up. Doubt we’ll get our usual weekend price action as…

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Filed under: News - @ July 1, 2024 6:26 pm