Bitcoin Breaks Above $60K As New Addresses Suggest “Renewed Interest” From Retail Investors

The
Bitcoin
price
climbed
above
$60K
in
the
last
24
hours
following
a
6%


jump

as
IntoTheBlock
says
the
uptrend
in
new
crypto
addresses
in
recent
weeks
might
be
a
sign
of
“renewed
interest”
from
retail
investors.

“The
number
of
daily
new
addresses
has
trended
downward”
since
November
2023,
IntoTheBlock
said
in
an
Aug.
8
X


post.
“However,
the
trend
seems
to
be
shifting,
with
the
number
of
new
addresses
trending
upward
in
more
recent
weeks,”
the
on-chain
monitoring
firm
added. 

Over
$158M
Liquidated
From
Short
Positions

The


Bitcoin

price
managed
to
rise
to
an
intraday
high
of
$62,673.76
throughout
the
past
day
of
trading.
This
was
after
it
established
its
low
for
the
same
period
at
$56,740.87.
BTC
has
pulled
back
since
it
briefly
broke
above
$62K
to
trade
at
$60,872.91
as
of
3:45
a.m.
EST.

Overall,
crypto
prices
rose
in
the
last
24
hours.
This
resulted
in
over
$158.1
million
being
liquidated
from
short
trades
in
the
last
24
hours,
according
to


CoinGlass
data.
Meanwhile,
only
$64
million
was
wiped
out
from
long
positions
during
the
same
period.

Analysts
Bullish
On
Bitcoin,
But
JPMorgan
Remains
Cautious

Renowned
trader
and
analyst
Michael
van
de
Poppe
predicted
in
an
Aug.
8


X
post

that
a
weekly
candle
close
for
this
week
above
$57K
could
signal
that
the
market
leader
has
established
its
bottom
for
the
latest
correction.

#BTC

Bitcoin
has
successfully
broken
above
$60600

Dips
into
$60600,
if
any
at
all,
would
constitute
a
retest
attempt
of
that
level

Generally,
continued
stability
above
$60600
and
BTC
will
be
able
to
revisit
the
$65000
(blue)
over
time$BTC

#Crypto

#Bitcoin

https://t.co/mrcMTItdHb

pic.twitter.com/CM811uBoto

—
Rekt
Capital
(@rektcapital)

August
8,
2024

Pseudonymous
analyst
Rekt
Capital
echoed
the
same
bullish
sentiment
on
X.
Following
BTC’s
break
above
$60,600,
he
believes
that
stabilization
above
this
mark
could
lead
to
the
crypto
rising
to
$65,000
“over
time.”

While
analysts
are
bullish
on


BTC,
banking
giant
JPMorgan
believes
catalysts
that
could
push
Bitcoin’s
price
higher
are
mostly
factored
in.
The
bank’s
team
said
it
remains
cautious
on
crypto
given
the
“limited
de-risking
in
the
CME
bitcoin
futures”
and
because
equity
markets
still
look
“vulnerable.”

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