Bitcoin has entered the second half of the year with a strong momentum, maintaining a trading price above $63,000. The first half of the year saw impressive growth, positioning Bitcoin as a major player in the crypto market. Will the second half be more impressive than the first? It sure started like it.
Bitcoin Price Analysis and Performance
Bitcoin's Performance: An Impressive First Half
Bitcoin has had a historic first half, closing June with a value of $63,000, a significant 42% increase in H1, and a 48.2% till date, adding 2 days into that performance. This period saw Bitcoin reach an all-time high of over $73,000 and the launch of 11 spot Bitcoin ETFs on Wall Street. These ETFs, approved by the Securities and Exchange Commission (SEC), are now available for trading alongside traditional assets such as stocks, bonds, and commodities. Managed by leading asset managers like BlackRock and Fidelity, these ETFs have made Bitcoin more accessible to a broader range of investors.
Significant Bitcoin ETF Inflows
Despite the volatile cryptocurrency market, Bitcoin ETFs have seen continued inflows, highlighting investor confidence. On July 2, 2024, Spotonchain reported a $129 million inflow into US Bitcoin ETFs, with Fidelity experiencing the largest single inflow of $65 million. Notably, no outflows were recorded, maintaining a positive net inflow for five consecutive trading days.
Crypto Market News
Ethereum's Anticipated ETF Launch
Following Bitcoin’s success, Ethereum is poised to enter the ETF market. The SEC has approved eight spot Ethereum ETFs, expected to begin trading imminently. Analysts predict these new ETFs could attract around $5 billion in the first week, potentially boosting Ether prices, which are currently around $3,450.
Current Market Dynamics
Bitcoin’s price has experienced minor fluctuations, currently trading near $62,500, down by 1.15% in the last 24 hours. However, the trading volume has only increased by 7%, indicating lower participation from investors and traders. Over the past week, Bitcoin's price has risen by 3%, though it remains down by 7.5% over the last 30 days.
Bitcoin Price Prediction: Technical Analysis and Future Outlook
Technical analysis suggests Bitcoin remains bullish as long as it stays above $62,300. There is a strong possibility that Bitcoin will retest its breakout level near the 50-day Exponential Moving Average (EMA), potentially reaching $64,000 to $65,000 in the coming days. However, some data shows minimal increase in investor and trader positions, with open interest up by just 0.3%.
Singapore-based QCP Capital predicts a positive outlook for Bitcoin in July, noting a median return of 9.6% for the month, particularly after a negative June. Their options desk also saw increased positioning for an upside move, likely in anticipation of the Ethereum spot ETF launch. These indicators suggest a bullish trend for Bitcoin in the near term.
With the data below, showing Bitcoin performance for 2024, and over the past year, it is clearly that it has increased significantly to drop now without any major event. Instead of that, with all positive news hovering around, such as ETH-ETF approaching and the US presidential elections with the positive preliminary opinions in favor of Trump, the crypto supporter, only positivity is to be expected for Bitcoin as well as other cryptos.
