Key Points
- Bitcoin could reach $64,000 if it closes strongly above $60,700.
- The cryptocurrency market sentiment has shifted following Germany’s complete sell-off of its Bitcoin holdings.
Bitcoin’s price may surge to $64,000, provided that its 4-hour candle closes strongly above the $60,700 mark.
The number of long positions is currently higher than short positions, which signals a potential bullish trend.
Market Sentiment Shifts After Germany’s Bitcoin Sell-Off
The cryptocurrency market experienced a significant shift in sentiment after Germany sold off all its Bitcoin holdings. This move not only turned other crypto assets green but also helped Bitcoin breach the $60,000 level.
Since July 3, 2024, Bitcoin has made several attempts to breach the $60,000 mark but without success. However, due to multiple rejections, this resistance level weakened and was easily broken this time.
If Bitcoin manages to close with a strong daily candle above $60,700, it could potentially reach $64,000 in the near future.
Inflows into Bitcoin ETFs
A potential factor contributing to the market’s slightly bullish sentiment may be the continuous inflow into spot Bitcoin Exchange Traded Funds (ETFs). Even during periods when the overall market was suffering, ETF traders demonstrated strong confidence in Bitcoin by buying the dip.
According to expert technical analysis, Bitcoin is looking bullish as it is trading above its 200 Exponential Moving Average (EMA) on a daily time frame. This indicates bullishness in the chart.
If Bitcoin reaches the $64,000 level, nearly $1.22 billion of short positions could be liquidated. Data from on-chain analytic firm CoinGlass reveals that bulls’ long positions have been higher than short-sellers’ over the last week.
At the time of writing, Bitcoin was trading near $60,140 and had experienced a 3.5% price increase in the last 24 hours. Meanwhile, open interest surged by 5.3%, demonstrating strong confidence and interest among investors and traders.
Altcoins such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP (XRP) have also experienced similar upward trends.
