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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.
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.
Bitcoin has efficiently damaged above $60600
Dips into $60600, if any in any respect, would represent a retest try of that stage
Typically, continued stability above $60600 and BTC will be capable of revisit the $65000 (blue) over time$BTC #Crypto #Bitcoin https://t.co/mrcMTItdHb pic.twitter.com/CM811uBoto
— Rekt Capital (@rektcapital) August 8, 2024
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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