Bitcoin Back Above Key Resistance as Bulls Show ‘Diamond Hands’

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Bitcoin Back Above Key Resistance as Bulls Show ‘Diamond Hands’

Key Takeaways

• Bitcoin rebounds 8.5% to $55,000 as ETF investors show strong holding behavior.
• Spot Bitcoin ETFs experience record $5 billion trading volume with minimal 0.3% outflows.

(BTC) is back at the $55,000 price level after a sharp 8.5% recovery over the past 24 hours. Spot BTC exchange-traded funds (ETF) investors’ activity has shown resilience so far, with ETFs such as BlackRock’s registering zero outflows on Aug. 5.

Major altcoins registered even larger movements, such as ’s (SOL) 21.4% growth in the *******.

This recovery could be a natural movement from the market since BTC faced the deepest correction of the current cycle after falling 29% in two weeks, as highlighted by the trader identified as Rekt Capital.

Notably, the $49,000 price region was respected as short-term support so far, as Bitfinex analysts suggested in a recent statement. However, Bitcoin could revisit this area if macroeconomic conditions worsen.

On the upside, Bitcoin could rise to the range between $59,400 and $62,550, as this is a new “CME gap” created after the Aug. 4 ******, according to Rekt Capital. Bitcoin CME gaps is the name given to the differences between BTC opening and closing prices at the Chicago Mercantile Exchange.

They are particularly noticeable during weekends when the traditional markets are closed, potentially making the gaps between Friday closing prices and Monday opening prices more significant.

ETF Holders Display “Diamond Hands”

On Aug. 5, Bitcoin ETFs saw the largest daily trading volume since mid-April, surpassing $5 billion. Bloomberg senior ETF analyst Eric Balchunas highlighted on X (formerly

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) that volumes on bad days represent “a reliable measure of *****.” However, the deep liquidity seen yesterday is desirable by institutions when investing in an ETF.

Despite the high trading volume, Balchunas shared that only $168 million left the spot Bitcoin ETFs yesterday, which is 0.3% of the total assets under management.

Notably, BlackRock’s IBIT registered no outflows in the *******.

“So IBIT investors woke up on Monday to a -14% move over wknd after stomaching an 8% decline the week prior and what did they do? ABSOLUTELY NOTHING. $0 flows. Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them,” said Balchunas.

The Bloomberg analyst also pointed out that he was expecting “a couple of billions” in outflows, and was surprised by the “boomers” holding their ETF shares.

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#Bitcoin #Key #Resistance #Bulls #Show #Diamond #Hands

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