Bitcoin Is Chilling Out, But the Bulls Are Still in Control!
Bitcoin (BTC) is taking a little break, hanging out in a consolidation phase between $122,000 and $115,700, with its current price sitting at $118,590. This sideways move is what many analysts call a rectangular structure, which is often a sign that the current trend is about to continue. And for BTC, that trend is a clear-cut bull run. The price is holding strong above its EMA50 and EMA200, and both of those moving averages are heading up, which is a super bullish sign.
Bitcoin is consolidating. Is this the prelude to a new rally? We analyze BTC's movements, with key data and the cryptocurrency market outlook.
What's Up with the Market? Futures, Spot, and Volume
The Bitcoin futures market is looking solid. Open interest (OI), which is basically a measure of how much money is flowing into the asset, is on an upward trend. According to CheckonChain, it hit $84.22 billion, a sign that big-money investors are still all-in on BTC.
The spot market has also bounced back nicely, with trading volume jumping to $6.88 billion. That's a big step up from the low of $4.80 billion we saw on July 8. However, there's a little bit of selling pressure happening. The spot CVD is at -$64.48 million, which means the sellers have a slight edge over the buyers right now.
Bitcoin ETFs: Is It a Red Flag or Just People Cashing Out?
While futures and spot markets are looking good, Bitcoin ETFs have had a bit of a rough patch. For the third day in a row, these funds have seen money leaving, with total outflows hitting $228.4 million. This is the biggest outflow in the last three days. But don't panic—many analysts think this is just some investors taking profits after the recent price surge, not a sign of a deeper problem.
In short, even though Bitcoin's price has stalled out for a bit, the market structure and technical indicators are pointing to more upside. The strong liquidity in futures and the recovering spot volume suggest that the hype around BTC is still very much alive, despite the recent ETF outflows.
Disclaimer: This article is for informational purposes only and is not financial advice. Investing in crypto is risky and volatile. Always do your own research before making any investment decisions.
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