Bitcoin [BTC] heads for a resistance retest but here's why a breakout...
briefly crossed above $24,000 on 29 July courtesy of a strong mid-week bullish bounce back. This is the second time that the cryptocurrency soared above this price level in July, demonstrating some significant bullish strength. A closer look reveals that there is more to the rally than meets the eye.
However, the price did not push back to the support but it did come close. This was an important observation because it highlighted the strong bullish strength and rising price floor. However, can it manage to achieve this goal or is the latest rally a temporary upside that will be met by a bearish retracement?The answer might be in the same reason why Bitcoin declined heavily in June. The Purpose Bitcoin ETF Holdings, one of the ETFs invested in BTC sold off roughly 24,500 BTC.
The Purpose Bitcoin ETF Holdings increased their BTC from by 3,077 Bitcoin in the last three days. If we calculate the amount using BTC’s lowest price level on 26 July, then the ETF spent more than $63 million on the BTC purchase.
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