Bitcoin traders demand further buyer pressure to rid the market of thick overhead resistance above $66,000.
BTC/USD 1-day chart. Source: TradingViewresulting from the movement of coins tied to defunct exchange Mt. Gox, BTC/USD rebounded to deliver up to 15% gains when measured from the start of the uptrend on July 12.“It will be key to hold the green zone going forward. But if we do, then I'm pretty confident we're back on the upwards trajectory and we'll break above this range before the Summer ends.
“Ask depth on the books 2x more thick atm than bid depth, would need some significant taker bids to chew through this,” he concluded.Fellow trader Skew meanwhile hoped that “limit buyers on dips” would characterize short-term price action going forward, again helping to preserve the week’s gains. “So far still seeing limit bids moving up with price, which is what you want to see in an early uptrend,” heThe BTC price upturn continued to be complemented by increased flows for the United States spot Bitcoin exchange-traded funds .U.S. spot Bitcoin ETF flows data . Source: Farside Investors
“The Bitcoin ETFs are in ‘two steps forward’ mode after one step back in June with another +$300m yesterday and $1b for week,” Bloomberg ETF analyst Eric Balchunas “YTD net total has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating
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