Bitcoin holds $60K support line hostage

The bull-bear market cycle indicator, which tracks phases of investor sentiment, has flipped to indicate bullish conditions

Written by: Olumide Adesina • Sunday, August 11, 2024 • 2 min read

After flashing red for three days as the price of Bitcoin fell to levels not seen since February, the bull-bear market cycle indicator, which tracks phases of investor sentiment, has flipped to indicate bullish conditions.

Bitcoin chain cyclical indicators indicated a bull market but were close to the border have now moved back, according to a post published in August by CEKi Young Ju, founder of CryptoQuant. 9 X post.

Bitcoin saw a notable upturn, same time $194,062 million was poured into Bitcoin ETFs, the largest inflow since July 22. With an inflow of $157.6 million, the highest since July 29, BlackRock’s IBIT spearheaded the effort.

The first inflow of $ 65.2 million into Fidelity’s FBTC since July 26 was witnessed, while $32.8 million and $118.5 million, were inflows into Ark’s ARKB and WisdomTree’s BTCW. Nonetheless, there was a notable $182.9 million withdrawal from Grayscale’s GBTC, the biggest since April 8.

The main crypto asset had a difficult weekend last weekend. It maintained the sharp decline that began on Friday and saw it fall from $66,000 to just under $60,000 by early Sunday. Later on Sunday, the landscape turned red, declining to $57K levels.

The worst, occurred last Monday when it dropped another leg to slightly under $50,000, its lowest price point in roughly half a year. At this point, the bulls took control and prevented any more drops.

Bitcoin gained momentum, rising to $53K on Tuesday and $57K by Thursday. On Friday, the cryptocurrency experienced yet another leg up, reaching nearly $63K

However, bitcoin lost some traction after failing to maintain its rise. Though it breached the $60K support line, it’s currently trading at about $800 above it. Bitcoin on-chain cyclical indicators that indicated a bull market but were close to the border have now moved back, according to a post published in August by CEKi Young Ju, founder of CryptoQuant. 9 X post.

The asset is near important support levels following its most recent correction, which could portend further market disaster. In this bull cycle, the cryptocurrency has broken through a significant level of resistance, according to CryptoQuant’s analysts, and on-chain metrics do not indicate that a recovery is imminent. This level served as support for the cryptocurrency during this cycle, and if it breaks, the market could plunge to the traders’ realized price minimum band of $40,000.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.