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Bitcoin Bull Market Corrections: Past vs. Present

Bitcoin has dropped 23.4% from its March 2024 peak, marking the longest period without a 25% decline during a bull market. Previous bull markets had multiple corrections before hitting new highs.

• Main Points:

  • Current Decline: Bitcoin fell 23.4% from its $73,737 peak in March 2024.

  • Historical Corrections: The 2017 and 2021 bull markets experienced several major corrections.

  • Longest Streak Without Major Dip: Bitcoin recently had its longest streak without a 25%+ dip, lasting 427 days.

  • Market Sentiment: Investors remain vigilant for buying opportunities amidst corrections.

• Detailed Insights:

  • Current Decline: Bitcoin dropped to $53,550 on July 5 and has since slightly rebounded.

  • Historical Corrections: 2017 saw seven corrections (32% average), and 2021 had five (24% average). The 2023-2024 cycle saw three 22% declines.

  • Longest Streak Without Major Dip: Bitcoin's recent 427-day streak without a major dip surpassed the 2012 record by 63 days.

  • Market Sentiment: Despite the dip, many see it as a typical correction in a bull market, offering potential buying opportunities.

Related: Bitcoin Dip: Buy Now or Wait?

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What's Driving Bitcoin's Price Surge Today?

Bitcoin surged 6.40% to $56,975 on July 6 due to strong ETF inflows and expectations of a September rate cut.

• Main Points:

  • Price Recovery: Bitcoin rebounded to $57,545 after a five-month low.

  • Analyst Reassurances: Analysts downplay the impact of the recent BTC selloff.

  • Market Influences: Positive stock market trends and potential rate cuts boost Bitcoin.

  • ETF Inflows: Significant inflows into Bitcoin ETFs show investor confidence.

  • Futures Market: Increased funding rates and lower open interest indicate bullish sentiment.

• Detailed Insights:

  • Price Recovery: Bitcoin rose 7.46% to $57,545 after a significant dip.

  • Analyst Reassurances: Analysts, including Ki Young Ju, note that government BTC sales are only 4% of total market inflows.

  • Market Influences: Bitcoin follows a stock market rally and expectations of rate cuts, which are bullish for risk assets.

  • ETF Inflows: Bitcoin ETFs saw $143.1 million in inflows on July 5, indicating strong investor confidence.

  • Futures Market: Funding rates increased to 0.178% per week, while open interest fell, showing that traders are confident in the upward trend.

Related: Government Bitcoin Sales Just 4% of $225B Bull Market

US Spot Bitcoin ETFs Draw $143M Despite BTC Drop

U.S. spot Bitcoin ETFs saw $143.1 million in inflows on Friday despite a BTC price drop to $53,550, marking a recovery after two days of outflows.

• Main Points:

  • ETF Inflows: $143.1 million recorded in inflows.

  • Top Performers: Fidelity’s FBTC led with $117.38 million, and Bitwise’s BITB followed with $30.19 million.

  • ETF Reserves: FBTC holds 168,687.08 BTC, and BITB holds 38,603.39 BTC.

  • Other Funds: Vaneck’s HODL and Ark Invest’s ARKB saw inflows; Grayscale’s GBTC saw outflows.

• Detailed Insights:

  • ETF Inflows: U.S. spot Bitcoin ETFs rebounded with $143.1 million in inflows.

  • Top Performers: Fidelity’s FBTC secured $117.38 million, and Bitwise’s BITB added $30.19 million.

  • ETF Reserves: FBTC now holds 168,687.08 BTC, and BITB has 38,603.39 BTC.

  • Other Funds: Vaneck’s HODL gained $12.79 million, ARKB added $11 million, and GBTC lost $28.57 million in outflows.

Related: 7 Events That Could Instantly Move the Crypto Market

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results