After Bitcoin hit a low of $63,450 at 10:00 last night, it rebounded rapidly and is now trading at $66,438, up 2.85% in the past 24 hours. This may be related to the fact that many institutions, including BlackRock, have expressed optimism about BTC at the Bitcoin Conference currently being held.
The reason for the weakness is most likely related to the Ethereum spot ETF. According to Nasen monitoring, 9 Ethereum ETFs had a net outflow of US$220 million yesterday (25), of which Grayscale's ETHE had an outflow of more than US$300 million, setting a record for the largest sell-off since it opened for trading. To learn more about cryptocurrency investment logic, please visit my main page! 🌟
In the past 24 hours, the entire network has liquidated $230 million
According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation was about 230 million US dollars, and more than 63,000 people were liquidated (long positions accounted for nearly 170 million US dollars)
Bitcoin Technical Analysis
Crypto analyst Mikybull Crypto revealed in a tweet that Bitcoin has just witnessed a rare "Hash Ribbon" buy signal. The analyst added that whenever this happens, there will be an "explosive rebound." In fact, this is good for Bitcoin because the Hash Ribbon flashing buy signal indicates that the capitulation of miners may have been completed or at least cooled.
Since miners control the supply of Bitcoin, their capitulation can have a significant impact on the market, especially the price of Bitcoin. According to Bitcoinist, these miners sold more than 30,000 Bitcoins in June, causing the price of Bitcoin to fall sharply. It is believed that the Bitcoin halving caused these miners to capitulate because their mining rewards were reduced by half, while also having to deal with rising operating costs and a downward trend in Bitcoin prices.
However, as the Hash Ribbons indicator shows, the selling pressure from Bitcoin miners has dropped significantly, and Bitcoin could rise sharply from here. In line with this, Mikybull Crypto called for preparations for a "massive rally" that could take Bitcoin above $100,000 and reach his previously predicted target price of $130,000.