Bitcoin has finally broken free from its prolonged stagnation, and it seems Jerome Powell’s speech at Jackson Hole was the spark that ignited the rally.
The cryptocurrency has burst out of its $58k-$62k range, and investors are eagerly anticipating the next move.
QCP: BTC finally got the recovery that we've been waiting for. It seems Powell's speech at Jackson Hole was the catalyst it needed to breakout of the 58k-62k range. Rate cuts are confirmed for Sep but there was no indication on how much, so August Payrolls will be critical. US…
— Wu Blockchain (@WuBlockchain) August 24, 2024
With rate cuts confirmed for September, all eyes are on the August Payrolls report to gauge the magnitude of the reduction. Meanwhile, the upcoming US elections and bullish seasonality could converge to propel Bitcoin to all-time highs in Q4.
A crucial indicator to watch is the golden cross between the MVRV Ratio and its 365-day SMA, signaling a definitive return to bullish territory.
A strong signal that #Bitcoin is back in bullish territory would be a golden cross between the MVRV Ratio and its 365-day SMA! pic.twitter.com/H4IUZe1VVT
— Ali (@ali_charts) August 24, 2024
Bitcoin Spot ETFs Shows Massive Net Inflow Of $252 Million
Meanwhile, Bitcoin spot ETFs have seen a significant surge, with a record $252 million net inflow on August 23, followed by seven consecutive days of positive flows.
Bitcoin spot ETFs had a total net inflow of $252 million on August 23, the highest single-day inflow since July 23, and continued to have net inflows for 7 consecutive days. Grayscale ETF GBTC had an outflow of $35.5503 million, Grayscale mini ETF BTC had an inflow of $50.8338…
— Wu Blockchain (@WuBlockchain) August 24, 2024
Notably, Grayscale’s GBTC ETF experienced an outflow, while its mini ETF BTC saw an inflow. BlackRock’s IBIT ETF and Fidelity’s FBTC ETF also recorded substantial inflows, indicating a growing investor appetite for Bitcoin exposure. As the landscape shifts, one thing is clear – Bitcoin’s recovery is gaining momentum.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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