Bitcoin has emerged from its bear-market. But expect a possible pullback.
According to the analysts of crypto-research firm CryptoQuant the coin behaves the same as it did in the past. CryptoQuant founder, Ki Young Ju, wrote The asset was acquired on Tuesday X. “entered into the early bull phase.”
Ju also referred to the movement bitcoin took in the last cycle prior to entering into a bull’s market and stated that it was doing exactly the same now.
CryptoQuant’s research confirms that Bitcoin flows have resumed to the derivative exchanges, which is a confirmation that traders are back. “risk-on” Mode “has marked the start of a new bull cycle” In the past.
Theophiluspep is another analyst who wrote in the company that, while the coin entered a bullish market, it was still a good time to buy. “spot demand, ETF flows, and market momentum have turned decisively bullish, but elevated profit-taking, exchange inflows, and overbought conditions suggest a potential near-term cooldown.”
“He added” “This looks increasingly like a genuine regime shift into the early phase of a new bull market, driven more by improving spot demand and institutional ETF buying than by excessive leverage.”
Bitcoin has been surging since last week. Bitcoin started surging last week. currently up It was priced recently at $78,716. On Monday, it briefly reached $81,160.
After a slow June and July, it has risen after trading mainly below $65,000.
U.S. investors last week reversed course and bought up shares in the bitcoin exchange-traded funds, which had their best week since October — the same time bitcoin notched its record of $126,080.
Data from Farside Investors shows that the funds — managed by the likes of BlackRock, Fidelity, Grayscale, and Morgan Stanley — received $1.9 billion in new cash.
This change of sentiment is a result of the Treasury Department’s last-week announcement to double at least the amount it buys back long-dated debt.
Since Treasury’s announcement, the yields on Treasury bonds have fallen, and bitcoin and gold are up. Last week, the dollar was at its lowest level in three months and headed for the worst August week. Bitcoin on the other had its most successful week since 2023.
It also helped that the White House had some positive news on regulation. Donald Trump, who met crypto executives last week to urge them to pass legislation regarding the industry. Clarity Act The line is crossed
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Source: bitcoinmagazine.com
