What Do Traders Expect From Bitcoin In Q3?
Portfolio Pulse from Khyathi Dalal
Bitcoin's price rebound has led to mixed reactions from traders and analysts. Prominent trader DonAlt sees the weekly close as a bearish retest, while another trader compares the current scenario to Q3 2023, suggesting more consolidation before a potential rise. Bitcoin's price pushed above $63,000 on Monday, with spot ETFs seeing significant inflows. Data shows a drop in large transaction volume and exchange netflows, but 88% of holders are in profit.
July 01, 2024 | 3:17 pm
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Bitcoin's price rebound has led to mixed reactions from traders and analysts. Prominent trader DonAlt sees the weekly close as a bearish retest, while another trader suggests more consolidation before a potential rise. Bitcoin's price pushed above $63,000 on Monday, with spot ETFs seeing significant inflows. Data shows a drop in large transaction volume and exchange netflows, but 88% of holders are in profit.
The mixed reactions from traders indicate uncertainty, but the significant inflows into Bitcoin spot ETFs and the high percentage of holders in profit suggest a positive short-term outlook. The price pushing above $63,000 is a bullish signal.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100