Bitcoin Up 29% in 3 Weeks: Bull Run Ahead?

Bitcoin is experiencing an impressive rebound. The value of the flagship crypto has increased by 29% since July 5 to reach a peak of €68,000. This sudden recovery is generating enthusiasm among investors. Above all, it is reigniting interest in the cryptocurrency market.

Crypto products saw inflows of $1.35B last week, led by $BTC with $1.27B, while $ETH and $SOL also saw significant inflows, according to @CoinSharesCo. https://t.co/nSdaAT4kLF

— Crypto Briefing (@Crypto_Briefing) July 22, 2024

On-chain indicators reveal the robustness of the Bitcoin market

Despite the volatility of the crypto market, Bitcoin seems to be holding its ground. The on-chain indicators of the most significant digital asset indeed show signs of strength.

According to the report from Bitfinex Alpha, BTC has achieved a sequence of five consecutive daily green closes. An unprecedented event since March! This phenomenon indicates a robust shift in market dynamics.

The massive sale of more than 48,000 BTC by the German government was absorbed without significant impact. This demonstrates the resilience of the Bitcoin market. Miner selling pressure has also decreased, with indicators showing renewed profitability for these key players in the crypto sector.

Another fact: Bitcoin reserves on crypto exchanges have rapidly decreased. This suggests that investors are accumulating assets and withdrawing their funds from trading platforms. This reduces the available supply.

The impact of Bitcoin ETFs and renewed investor confidence

Last week, inflows into Bitcoin ETFs reached a total of $1.2 billion, with an average entry cost of $58,200. This record figure illustrates a marked resurgence of investor interest in BTC. But not only that! It could also suggest a potential market bottom.

The Delta cumulative volume measure indicates increased buying pressure over the past two weeks. This trend shows that investors are betting on a continued rise in the price of Bitcoin. Enough to strengthen the positive dynamics of the crypto market.

The current rebound of Bitcoin seems to be based on solid fundamentals, with growing institutional support and encouraging on-chain indicators. However, caution remains essential in this highly volatile market.