Bitcoin turned up sharply and broke above the overhead resistance, indicating the resumption of the upmove toward $70,000.
Bitcoin (BTC) turned up on July 19 after a mild pullback for the past two days. Farside Investors data shows that United States-based spot Bitcoin exchange-traded funds (ETFs) continued to witness inflows on July 17 and 18, signaling that market participants had turned cautious but not bearish.
Onchain analytics firm Santiment said in a post on X that the number of Bitcoin wallet addresses holding a non-zero balance had plummeted by 672,510 over the past month. According to the firm, such mass liquidations are generally followed by a rebound.
Trading firm QCP Capital also sounded positive in its latest bulletin, speculating that Bitcoin’s resilience in the wake of equity market weakness and the likely Mt. Gox supply suggests that the market may have shaken off most of its worries.
