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bitcoin price rose above $60,000 in the past 24 hours after a 6% increase. bitcoin/”>hop As IntoTheBlock says, the upward trend in new cryptocurrency addresses in recent weeks could be a sign of “renewed interest” from retail investors.
“The number of new addresses per day has been trending downward” since November 2023, IntoTheBlock said in an Aug. 8 article. x.com/intotheblock/status/1821593270314791072″>mail“However, the trend seems to be changing, as the number of new addresses tends to increase in recent weeks,” the on-chain monitoring firm added.
More than $158 million in short positions liquidated
He bitcoin The price managed to climb to an intraday high of $62,673.76 during the last trading day. This was after it set its low for the same period at $56,740.87. btc has since pulled back briefly breaking above $62K to trade at $60,872.91 at 3:45 am EST.
Overall, cryptocurrency prices have surged over the past 24 hours. This resulted in over $158.1 million in short trades being liquidated in the past 24 hours, according to CoinGlass DataMeanwhile, only $64 million was lost in long positions during the same period.
Analysts are bullish on bitcoin, but JPMorgan remains cautious
Renowned trader and analyst Michael van de Poppe predicted in an August 8 article: x.com/CryptoMichNL/status/1821592209948569666″>Publication x that a weekly candle close above $57K this week could indicate that the market leader has set its bottom for the latest correction.
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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc
bitcoin has successfully surpassed $60,600
Drops to $60,600, if any, would constitute a fresh attempt to test that level.
Overall, stability continues above $60,600 and btc will be able to revisit $65,000 (blue) over time.twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin https://t.co/mrcMTItdHb image.twitter.com/CM811uBoto
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1821689303279501372?ref_src=twsrc%5Etfw”>August 8, 2024
Pseudonymous analyst Rekt Capital echoed the same bullish sentiment on x. Following btc’s breakout above $60,600, he believes that stabilization above this mark could lead to the cryptocurrency rallying towards $65,000 “over time.”
While analysts are optimistic bitcoinBanking giant JPMorgan believes the catalysts that could push bitcoin's price higher are already mostly factored in. The bank's team said it remains cautious on cryptocurrencies given the “limited de-risking in CME bitcoin futures” and because equity markets still appear “vulnerable.”
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