Bitcoin (BTC) has ended its losing streak and surged above the $57,000 mark for the first time this week on Thursday. This rebound comes as market participants seized the opportunity to buy the dip.
Over the past month, Bitcoin whales have accumulated $23 billion worth of BTC, signalling increased buying interest. Meanwhile, the global cryptocurrency market has also seen a slight increase of 0.43%, reaching $2.02 trillion in the last 24 hours.
Bitcoin’s market dominance has also grown to 56.10%.
Bitcoin Whales scoop up $23 BILLION in 30 days
On-chain data shows that long-term holders added around 404,448 BTC to their wallets.
Did you buy the dip? 👀 pic.twitter.com/3lpO9nj5ep
— Vic Laranja (@VicLaranja) August 7, 2024
On the other side, Morgan Stanley’s plan to offer a Bitcoin ETF to its affluent clients underscores a growing interest in cryptocurrencies.
This development is anticipated to attract further investment, potentially fostering stability and growth in the market.
Another factor helping Bitcoin stay strong is Michael Saylor’s massive holding of at least 17,732 BTC, worth over $1 billion.
His substantial investment highlights his commitment to cryptocurrency, boosting confidence in Bitcoin’s stability and potential growth.
Michael Saylor’s $1 Billion Bitcoin Holdings Boost BTC’s Credibility and Potential
Michael Saylor’s personal Bitcoin holdings have surpassed $1 billion, with over 17,700 BTC. Despite Bitcoin’s price swings, Saylor views it as a valuable long-term investment rather than for everyday transactions.
He supports Bitcoin as a key asset and references U.S. Senator Cynthia Lummis’s proposal for a U.S. Strategic Bitcoin Reserve, aiming to gather up to 1 million BTC.
CRYPTO BREAKING NEWS
Michael Saylor Calls Bitcoin Apex U.S. Property, Holds Personal BTC Stash Exceeding $1 Billion. Michael Saylor holds at least 17,732 Bitcoin, now valued at over $1 billion, showcasing his strong commitment to the cryptocurrency. Saylor supports Bitcoin as… pic.twitter.com/FJATUtoax1— InnovatekMobile (@Neome_com) August 8, 2024
Saylor also notes former President Donald Trump’s promise not to sell seized Bitcoin, highlighting its importance.
Saylor sees Bitcoin’s volatility as a positive factor, adding to its investment potential. He compares Bitcoin to prime real estate, suggesting it’s always a good time to buy but advises against using it for small purchases.
U.S. Bitcoin ETFs See $45M Inflows, Boosting Price Stability Amid Ethereum Outflows
U.S. spot Bitcoin ETFs saw a return to positive inflows, with $45.14 million added on Wednesday, after a period of negative flows.
BlackRock’s IBIT led with $52.52 million in inflows, and other funds like WisdomTree’s BTCW also saw significant gains.
Meanwhile, Grayscale’s converted GBTC fund experienced $30.58 million in outflows. The total trading volume for Bitcoin ETFs was $1.79 billion.
US spot bitcoin ETFs attract $45 million, ether ETFs see $23 million in outflows pic.twitter.com/6qV7v0DPei
— Malin Zahn (@malinzahn) August 8, 2024
Conversely, spot Ethereum ETFs experienced net outflows, with $23.68 million leaving the funds yesterday. Grayscale’s ETHE led these outflows, losing $31.86 million, while Fidelity’s FETH gained $4.7 million in inflows.
Bitwise and Franklin Templeton’s ether funds also reported net inflows. The total trading volume for ether ETFs was $322.85 million, with $387.35 million in outflows since their July 23 launch.
The return of positive inflows to U.S. Bitcoin ETFs and significant investments in funds like BlackRock’s IBIT likely support Bitcoin’s price stability and potential for upward movement.
Harris’s Rising Election Chances and Cryptocurrency Engagement Impact Bitcoin’s Resilience
On the other hand, Kamala Harris’s chances in the U.S. Presidential election have risen to 49% on Polymarket, matching Donald Trump.
This increase reflects a tighter race as Trump’s odds dropped from 70% to 49%.
Harris’s campaign has started engaging with the cryptocurrency sector, notably by including David Plouffe, who advises Binance and Alchemy Pay.
Donald Trump and Kamala Harris now have equal chances of winning the USA election! pic.twitter.com/IwgE5VleGe
— Mister Crypto (@misterrcrypto) August 8, 2024
This move, alongside Harris’s interest in cryptocurrency regulations, is seen as a strategic effort to connect with voters interested in digital currencies.
Kamala Harris’s rising election chances and engagement with cryptocurrency could boost Bitcoin’s price by signalling increased regulatory support and appeal to voters interested in digital currencies, potentially driving demand.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $57,210. On the 4-hour chart, the pivotal point to watch is $56,270. Immediate resistance levels are found at $59,170, $62,230, and $65,510. On the downside, immediate support is at $56,270, followed by $52,580 and $49,630.
The 50-day Exponential Moving Average (EMA) is positioned at $59,170, reinforcing the resistance at the current price level.
Bitcoin has crossed the $57,000 mark, signaling a potential continuation of the bullish trend.
The bullish engulfing candle on the 4-hour timeframe suggests upward momentum, especially above $57,000.
The 50 EMA extending resistance near $59,170 indicates that breaking this level could further enhance the bullish movement.
Conclusion: Considering these technical factors, a buy position is recommended above $57,000, with careful monitoring of the key resistance and support levels to guide further trading decisions.
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