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Bitcoin Breaks Above $60K As New Addresses Suggest “Renewed Interest” From Retail Investors

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August 2024 Crypto Market Forecast – Forbes Advisor

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The Bitcoin value climbed above $60K within the final 24 hours following a 6% bounce as IntoTheBlock says the uptrend in new crypto addresses in latest weeks is perhaps an indication of “renewed curiosity” from retail traders.

“The variety of every day new addresses has trended downward” since November 2023, IntoTheBlock mentioned in an Aug. 8 X submit. “Nonetheless, the pattern appears to be shifting, with the variety of new addresses trending upward in newer weeks,” the on-chain monitoring agency added. 

August 2024 Crypto Market Forecast – Forbes Advisor

Over $158M Liquidated From Brief Positions

The Bitcoin value managed to rise to an intraday excessive of $62,673.76 all through the previous day of buying and selling. This was after it established its low for a similar interval at $56,740.87. BTC has pulled again because it briefly broke above $62K to commerce at $60,872.91 as of three:45 a.m. EST.

Total, crypto costs rose within the final 24 hours. This resulted in over $158.1 million being liquidated from brief trades within the final 24 hours, in line with CoinGlass knowledge. In the meantime, solely $64 million was worn out from lengthy positions throughout the identical interval.

Analysts Bullish On Bitcoin, However JPMorgan Stays Cautious

Famend dealer and analyst Michael van de Poppe predicted in an Aug. 8 X submit {that a} weekly candle shut for this week above $57K might sign that the market chief has established its backside for the newest correction.

Pseudonymous analyst Rekt Capital echoed the identical bullish sentiment on X. Following BTC’s break above $60,600, he believes that stabilization above this mark might result in the crypto rising to $65,000 “over time.”

Whereas analysts are bullish on BTC, banking large JPMorgan believes catalysts that would push Bitcoin’s value greater are principally factored in. The financial institution’s crew mentioned it stays cautious on crypto given the “restricted de-risking within the CME bitcoin futures” and since fairness markets nonetheless look “weak.”

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