Bitcoin (BTC) Price Analysis and Market Observations – August 23, 2024
- WBOYOriginal
- 2024-08-24 18:01:17867browse
In recent months, Long-Term Holders (LTH) have been consistently locking in around $138 million in daily profits despite turbulent market conditions.
Bitcoin prices have remained relatively flat over the past few months, despite volatile market conditions. This suggests that an equilibrium may be forming.
Bitcoin’s demand growth has slowed markedly and recently turned negative. Since early April, when apparent demand was nearing $70,000, there has been a noticeable decline.
Bitcoin demand growth remains low and has recently turned negative.
Bitcoin Apparent demand has slowed significantly since early April when it was near $70K.
Read more ?https://t.co/bnIGaya95c pic.twitter.com/gFyM4rAfoC
— CryptoQuant.com (@cryptoquant_com) August 23, 2024
The Bitcoin bull-bear market indicator has been shifting between bearish and bullish signals, but it has recently transitioned back to a bullish stance.
Since early August, the #Bitcoin bull-bear market indicator has been oscillating between bearish and bullish. Now, it has switched back to bullish again! pic.twitter.com/HxDcuQuxFe
— Ali (@ali_charts) August 23, 2024
63.34% Of Top Binance BTC Accounts Are Now Holding Long Position In Bitcoin
Current data shows that 63.34% of top trader accounts on Binance are holding long positions in Bitcoin. If Bitcoin can sustain its support level at $60,365, key resistance levels to watch are $64,045 and $66,250.
If #Bitcoin can maintain support at $60,365, the next key resistance levels to watch are $64,045 and $66,250! pic.twitter.com/lgBJa8NrgZ
— Ali (@ali_charts) August 23, 2024
On August 22, Bitcoin spot ETFs experienced a total net inflow of $64.91 million, continuing a streak of six consecutive days of positive inflows. Specifically, the Grayscale ETF (GBTC) saw an outflow of $28.36 million, while the BlackRock ETF (IBIT) had an inflow of $75.49 million, and the Fidelity ETF (FBTC) gained $9.23 million. The total net asset value of Bitcoin spot ETFs now stands at $55.13 billion.
Bitcoin spot ETFs had a total net inflow of $64.9072 million on August 22, continuing a net inflow for 6 consecutive days. Grayscale ETF GBTC had an outflow of $28.362 million, BlackRock ETF IBIT had an inflow of $75.4907 million, and Fidelity ETF FBTC had an inflow of $9.2252…
— Wu Blockchain (@WuBlockchain) August 23, 2024
As the market adapts to these mixed signals, the steady profit-taking by LTHs and the fluctuating ETF flows highlight the ongoing adjustments within the Bitcoin ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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