Title: Have Bitcoin Whales Returned as Expected? Price Surpasses $58,000!
Bitcoin, the leading cryptocurrency, dipped below $54,000 last Friday amidst selling pressure triggered by German government transactions and Mt.Gox refunds. Despite falling to levels last seen in February, it rebounded today, breaching $57,000.
Analysts attribute this recovery to substantial factors, including the $8 billion BTC refund from Mt. Gox, suggesting easing pressure from US and German government BTC sales. Additionally, robust net inflows into spot Bitcoin ETFs provided further support.
Spot Bitcoin ETFs in the US witnessed their largest net inflow day since June 6 on July 5, recording a total of $143 million following consecutive days of outflows. Analysts interpret this as institutional investors and whales capitalizing on lower BTC prices.
To sustain momentum, Bitcoin must close the week above $60,600, as highlighted by Rekt Capital in their recent YouTube analysis. Rekt Capital emphasizes that BTC needs to build momentum within the $57,000 to $65,000 range to pave the way for potential further gains to $65,000-$73,000.
Disclaimer: This content does not constitute investment advice.
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