Bitcoin Market Poised For Major Move As Volatility Measures Tighten
The Bitcoin market is currently in an intriguing position, with the average coin still showing a 2x gain, despite most short-term holders being underwater.
Several volatility measures are also showing significant compression, indicating that a larger move could be imminent.
The #Bitcoin market is in an interesting spot, with the average coin still up 2x, whilst most Short-Term Holders are underwater.
A multitude of volatility measures are also heavily compressed, suggesting a larger move is on the horizon.
Discover more in the latest Week… pic.twitter.com/8J0MAKRraf
— glassnode (@glassnode) July 3, 2024
As Bitcoin dipped below $60,000, traders on Binance increased their BTC exposure. Currently, approximately 75.40% of all traders with an open BTC position on the exchange are going long, anticipating a rebound.
As #Bitcoin dipped below $60,000, traders on @Binance increased their $BTC exposure. Now, about 75.40% of all traders with an open #BTC position on this exchange are going long! pic.twitter.com/E2sYGhAHmH
— Ali (@ali_charts) July 3, 2024
According to analyst Ali Martinez, the TD Sequential indicator, which previously signaled buying Bitcoin at $60,000 on June 28 and selling at $63,200 on July 1, is now signaling another buying opportunity for BTC.
The TD Sequential, which told us to buy #Bitcoin at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy $BTC again! pic.twitter.com/JJzQtVJcBh
— Ali (@ali_charts) July 3, 2024
Should Bitcoin rebound to $62,600, over $1 billion could be liquidated.
Over $1 billion will be liquidated if #Bitcoin now rebounds to $62,600! pic.twitter.com/6gBiTTkPiH
— Ali (@ali_charts) July 3, 2024
Bitcoin Net ETFs Inflow Turns Negative After Consecutive Days Of Positive InflowsRecent data on Bitcoin ETF net inflows on July 2, 2024, showed a sum of -$14 million, marking a slight shift to negative after five consecutive days of positive inflows.
Grayscale (GBTC) experienced an outflow of $32.4 million, surpassing the total inflows of all other Bitcoin ETFs combined. Conversely, BlackRock’s (IBIT) ETF saw the largest inflow of the day at $14.1 million.