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Bitcoin May Retest $69K as Shorts Keep BTC Below All-Time High

Bitcoin faces a potential $69,000 retest amid resistance and selling pressure before new all-time highs.

• Main Points:

  • Surprise Selling: Bitcoin hovers around $71,000 with selling pressure near daily close.

  • Support Retest: Analysts predict a possible retest of $69,000.

  • Market Signals: Trading indicators suggest a move back to $71.6k could invalidate the downtrend.

• Detailed Insights:

  • Resistance Pressure: Bitcoin hit intraday lows of $70,120, with continued resistance below all-time highs.

  • Analyst Commentary: Material Indicators highlight signals calling for a support retest of around $69,000.

  • Exchange Activity: Significant BTC sales were noted on Binance and Coinbase, with over $100M sold on Coinbase.

  • Bullish Outlook: Analysts like Michaël van de Poppe see Bitcoin ready for an upward breakout to new highs.

Related: Robert Kiyosaki Predicts Bitcoin to Hit $350,000 by August 2024

Bitcoin's price action suggests a potential retest of key support levels, with the market closely watching for a breakout to new highs.

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Enormous Bitcoin Whale Adds $1 Billion Daily: Who Is It?

A new whale wallet accumulates $1 billion in Bitcoin daily, hinting at bullish trends and potential new all-time highs.

• Main Points:

  • Whale Activity: $1 billion in Bitcoin added daily by institutional investors.

  • Demand Surge: Long-term holders amassed 70,000 BTC in 30 days; whale demand was up 4.4% monthly.

  • Market Boost: U.S. spot Bitcoin ETF approval increases demand and signals potential price rally.

• Detailed Insights:

  • Investor Confidence: Large investors and permanent holders rapidly increase Bitcoin balances.

  • ETF Impact: U.S. spot Bitcoin ETFs provide a convenient investment channel, boosting demand.

  • Less Selling Pressure: Market selling has eased, indicating a new accumulation phase.

  • Ethereum Trends: Similar growth in confidence and purchases by long-term Ethereum holders post-ETF approval.

Related: Cathie Wood’s Ark Invest Buys Over 32K Reddit (RDDT) Shares, Sells ARKA.

These significant inflows and reduced selling pressure suggest sustained Bitcoin price growth, driven by institutional confidence.

SEC Chair Gensler: Spot Ether ETFs 'Will Take Some Time' to Begin Trading

SEC Chair Gary Gensler indicates that spot Ethereum ETFs will need thorough disclosure processes before trading can commence.

• Main Points:

  • Approval Process: Spot Ether ETFs need more time due to disclosure requirements.

  • Compliance Issues: Gensler highlights the lack of proper disclosure by crypto exchanges.

  • Regulatory Concerns: Emphasizes the need for regulation to prevent fraud and manipulation.

• Detailed Insights:

  • ETF Approval: The SEC approved eight spot Ether ETFs, but S-1 filings need approval before trading starts.

  • Disclosure Requirements: Gensler stresses thorough disclosure is necessary and in progress.

  • Crypto Market Compliance: Gensler criticizes crypto exchanges for inadequate disclosure and risky practices, calling for stronger regulation to protect investors.

Related: SEC Eyes Non-BTC, ETH ETFs

Gensler's comments underline the need for enhanced transparency and regulation in the cryptocurrency industry, particularly for new financial products like spot Ether ETFs.

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