Price analysis

Bitcoin bulls are trying to protect the $65,500 level, but if they fail, a drop to $62,000 is possible.

Crypto exchange Kraken said in a July 24 X post that it had distributed all the funds to the Mt. Gox creditors. However, that has not boosted Bitcoin’s (BTC) volatility, suggesting that the recipients of the repayments are not rushing to book profits as anticipated by a few analysts.

Similarly, the launch of spot Ether (ETH) exchange-traded funds (ETFs) failed to start any fireworks in Ether, suggesting that the markets are in a wait-and-watch mode. A minor positive is that the Ether ETFs witnessed net inflows of $106.6 million on the first day, even after $485 million in outflows from Grayscale’s freshly converted Ethereum Trust.

Bitcoin and select major altcoins have been consolidating for some time, indicating indecision between the bulls and the bears about the next directional move. The longer the range, the stronger the trigger needed for the price to break out from it.

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Strong inflows into spot Bitcoin ETFs suggest that the sentiment has turned positive, and traders are buying aggressively.

Bitcoin (BTC) has been conquering overhead resistance levels one by one, signaling that the bulls are gaining confidence. Farside Investors data shows $422 million in inflows into the United States-based spot Bitcoin exchange-traded funds (ETFs) on July 16. 

BlackRock’s iShares Bitcoin Trust (IBIT) once again crossed $20 billion in assets under management after its latest purchase of 4,004 Bitcoin. The fund had earlier surpassed $20 billion in AUM in late May. Looking at the massive inflows, ETF Store president Nate Geraci said in a post on X that it is not only the retail investors; even advisers and institutional investors have been buying.

Bitcoin’s recent rise has improved sentiment, and analysts are speculating how soon a new all-time high could be achieved. While anything is possible in the markets, the current up move is expected to face solid selling between $70,000 and the all-time high near $74,000. Expect markets to remain volatile in the near term as some of the creditors of the defunct Mt. Gox exchange sell their repayments.

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