Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price
July 01 2024 - 12:00PM
NEWSBTC
Bitcoin looks like it’s starting to kick off the week on the right
foot, suggesting the end of the correction that lingered throughout
June. While investors continue to ponder on Bitcoin’s price
trajectory in July, on-chain data, price history, and strategic
transactions point to a bullish July. Despite the short-term
volatility, many investors remain bullish on Bitcoin’s long-term
prospects. Notably, data shows an interesting $500 million increase
in bids below the spot price and a rise in open interest, as
pointed out by popular crypto analyst Daan Crypto Trades.
Bitcoin Investors Place $500 Million Bids Below Price Bitcoin
traded for the majority of the weekend just above $61,000 as the
bulls fought to prevent another drop below $60,000. According to a
BTCUSDT chart shared on social media over the weekend by Daan
Crypto Trades, many strategic investors have positioned themselves
below the price level to jump on Bitcoin in case of a break below
$50,000. Related Reading: XRP Dominance: Pundit Says Missing This
Altcoin Could Be A Big Mistake This exciting strategy amounted to
over $500 million in buy prices over the weekend across price
points stretching from above $60,500 to below $58,500. The bids
create a solid foundation of buying pressure that prevents the
price from falling much further. This creates intense support
levels, making it extremely unlikely we’ll see a capitulation-style
price collapse below $60,000 anytime soon. Furthermore, Daan
Crypto Trades pointed out a corresponding increase in the Bitcoin
open interest. The latest data from CoinGlass supports this claim,
with a 3.11% increase in open interest across various crypto
exchanges in the past 24 hours. This increase in open interest
represents new money coming into the market, which suggests a
bullish, optimistic sentiment among traders. #Bitcoin $500M+ in
bids were placed below price (but mostly pulled) and open interest
going up. Doubt we’ll get our usual weekend price action as
mentioned. Quite a lot of action relatively speaking. End of the
quarter usually causes some interesting moves.
https://t.co/4rRSjZMGhz pic.twitter.com/7SJh6EYs7J — Daan Crypto
Trades (@DaanCrypto) June 29, 2024 What To Expect In July Bitcoin’s
price action in June definitely surprised many investors.
Particularly, the digital asset declined by 9.85% in June to
reverse an 11.07% increase in May. This shows the volatile nature
of cryptocurrencies and reflects Bitcoin’s ups and downs over the
years. Naturally, this has led to more cautious strategies by
traders on how they approach their Bitcoin positions in the new
month. Related Reading: XRP Price On The Verge Of Breaking Falling
Wedge That Could Lead To 4% Increase At the time of writing,
Bitcoin is trading at $63,200 and is up by 3% in the past 24 hours.
If history were to repeat itself, Bitcoin would likely see a rise
in July. As noted by crypto analyst Ali Martinez, when Bitcoin has
had a negative June, it tends to bounce back strongly in July. In
fact, negative price actions in June have preceded an average
return of 7.98% and a median return of 9.60% in July. A similar
price action could see Bitcoin end the month between $68,000 and
$69,500. Historically, when #Bitcoin has had a negative June, it
tends to bounce back strongly in July. In fact, $BTC has shown an
average return of 7.98% and a median return of 9.60% during this
month. pic.twitter.com/fJaIwc7Eob — Ali (@ali_charts) June 30, 2024
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