Bitfinex Alpha Analysis Highlights Bullish Signals Supporting Bitcoin’s Upward Momentum
In Brief
Bitfinex Alpha released new report, noting that Bitcoin reached a 39-day high of $68,560, showing a 29% rebound from local low on July 5th.
Digital asset trading platform Bitfinex Alpha released its latest market analysis report, noting that Bitcoin has reached a 39-day high of $68,560 over the weekend. This represents a rebound of over 29% from the local low on July 5th. The recent trend has exhibited strong bullish momentum over the past five days.
According to the company, a key market event was the complete liquidation of over 48,000 Bitcoins by the German Bundeskriminalamt. The cryptocurrency market absorbed these funds, demonstrating resilience and even renewed demand. Additionally, the exhaustion of sell-side pressure from both the German government’s sales and miners—who traditionally sell their holdings after halvings to upgrade infrastructure—has contributed to positive price action and recovery.
Furthermore, positive exchange-traded fund (ETF) inflows, totaling nearly $1.2 billion last week, indicate renewed interest since early June. An essential factor contributing to this is that Bitcoin’s price has surpassed the average inflow cost basis for ETF holders, which is $58,200. This has helped restore confidence in the market.
Regulatory Updates Impact Cryptocurrency Sector: Ethereum ETFs Set For Cboe Launch, Hong Kong And South Korea Implement New Rules
The firm also outlined ongoing regulatory developments within the cryptocurrency sector. Spot Ethereum ETFs from companies like Fidelity and VanEck are expected to begin trading on the Cboe exchange on July 23rd, following approval from the United States Securities and Exchange Commission (SEC). Some firms are initially waiving fees to attract investors. In Hong Kong, participants in the first stablecoin sandbox are restricted from public fundraising during initial testing as the Hong Kong Monetary Authority formulates a regulatory framework requiring issuers to obtain licenses. Meanwhile, South Korea has introduced the Virtual Asset User Protection Act, which requires exchanges to store 80 percent of user deposits in cold storage, among other regulations.
At the time of writing, Bitcoin is trading at $67,703, reflecting an increase of approximately 1.13% over the past 24 hours. Bitcoin’s dominance is at 53.33%, showing a rise of 0.11% compared to the previous day.
Meanwhile, the global cryptocurrency market capitalization has increased by 0.87%, reaching $2.46 trillion. At the same time, the total market volume for cryptocurrencies over the past 24 hours has risen by 65.78%, amounting to $80.99 billion, according to CoinMarketCap data.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
