CryptoQuant analysts said Bitcoin has moved out of the bear market and into an early-stage bull market, while warning that a short-term pullback could still happen. Founder Ki Young Ju said the current price action looks similar to the run-up to the last bull market, and research from the firm points to a renewed flow of funds into derivatives exchanges, a pattern that has often marked the start of a new uptrend. Analyst Theophiluspep said spot demand, ETF flows and market momentum have turned bullish, but heavy profit-taking, exchange inflows and overbought conditions suggest a cooling phase may still be near. Bitcoin rose 22% over the past seven days to $78,716 and briefly touched $81,160 on Monday, after trading mostly below $65,000 in June and July. Farside Investors data showed U.S. Bitcoin ETFs posted their best week since October, drawing $1.9 billion in net inflows into funds tied to BlackRock, Fidelity, Grayscale and Morgan Stanley. The move came after the U.S. Treasury said it would at least double its long-dated bond buyback program, which helped push yields lower and lifted both Bitcoin and gold.
CryptoQuant analysts said Bitcoin has already moved out of the bear market, but a short-term pullback is still possible.
Founder Ki Young Ju wrote on social media that Bitcoin has entered the early stage of a bull market, and said the current price action looks similar to the run-up seen before the last bull market began.
The firm said funds flowing into derivatives exchanges have started to pick up again, which it sees as a sign that traders are shifting into risk-on mode. In the past, that pattern has marked the start of a new bull cycle.
Analyst Theophiluspep said Bitcoin is moving into a bull market, with spot demand, ETF flows and market momentum all turning positive. At the same time, elevated profit-taking, exchange inflows and overbought conditions point to the chance of a near-term cooling period.
Bitcoin extended its gains last week, rising 22% over the past seven days to $78,716. It briefly hit $81,160 on Monday. In June and July, Bitcoin traded mostly below $65,000.
Farside Investors data showed U.S. investors reversed course last week and bought Bitcoin ETFs, producing the best weekly performance since October. Funds tied to BlackRock, Fidelity, Grayscale and Morgan Stanley drew $1.9 billion in fresh inflows.
The rally also came after the U.S. Treasury announced last week that it would at least double its long-dated bond buyback program. Yields then moved lower, and Bitcoin and gold rose together.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
