The three major data indicators suggest that Bitcoin may have bottomed out and is about to rebound!
The first thing: Bitcoin computing power has dropped to its lowest level since December 2022, suggesting that the market may have bottomed out.
The data shows that the real computing power has dropped by -7.6%, and multiple indicators show that the selling pressure is low, proving that the market has bottomed out. In addition, miner analysts pointed out that the withdrawal volume of miners has dropped by 90%, and the selling pressure has eased, indicating that the price of Bitcoin may continue to rise.
This is good news for Bitcoin. On-chain data can best prove everyone’s transaction behavior, so we can pay close attention to this area.
The second thing: The number of Bitcoin addresses has risen to the highest level since April
Retail Bitcoin investors are making a comeback! The number of new BTC addresses on the network rose to 352,124, the highest level since April.
The third thing: On July 1, 9 US Bitcoin ETFs increased their holdings by a total of 526 Bitcoins
① BlackRock increased its holdings by approximately 1,366 bitcoins, worth approximately US$85.9 million, and currently holds 306,979 bitcoins, worth approximately US$19.3 billion; ② Grayscale reduced its holdings by 198 bitcoins, worth approximately US$12.4 million, and currently holds 2,757,580 bitcoins, worth approximately US$17.34 billion; ③ 9 Bitcoin ETFs increased their holdings by a total of 526 bitcoins, worth approximately US$33 million.
Due to the time difference, it has not been fully updated, but we still see the data improving.
Overall, ETFs still have a net inflow of funds, which shows that institutional funds have confidence in Bitcoin and believe that Bitcoin is a valuable and potential asset, and are willing to increase investment at this point in time. For retail investors, what is needed in a volatile market is confidence, which is more important than gold!
I believe the bull market is still there!
Looking at the larger quarterly line of Bitcoin, the last quarterly line was above the support line, and the new quarterly line has just begun, so I think the possibility of a sharp drop in Bitcoin is too small (although retail investors basically have no Bitcoin)
The panic index in recent times has reached its lowest point in nearly a year, and it has reached a state of extreme panic in the past few days. The continued panic has caused more people to cut their losses and leave the market. Most people now feel that the bull market is gone, especially the copycat bull market.
The double top of Bitcoin is what I have heard most recently, but a double top can also become a double bottom. Currently, whether from the perspective of macroeconomic benefits, policy benefits, or indicators in various dimensions, they all show that the bull market is far from over.
The recent unlocking information has been negatively impacting the screen. I have always felt that unlocking is not the core factor that affects the trend. What affects the trend is always the market conditions. When the market conditions get better, the price will also be pulled up. This was the case for many copycats in the first half of the year.
The market has been bad in the past few months, so the price will fall even if it is not unlocked. Not all coins will be sold after unlocking, but retail investors will be immediately kicked off the market, so we see that the coins unlocked on the same day will fall sharply. I think at least half of them are chips thrown away by retail investors.
The number and amount of capital of retail investors holding copycats in this round far exceeds any other cycle. After several months of major cleansing of copycats, many people are now experiencing an explosion of negative emotions. Everyone feels bad about the decline in the market.
There is a high probability that there will be a strong rebound in July. In the short term, the price below 60,000 is an opportunity to increase the BTC spot position in batches. According to the trend of the last bull market, we are currently looking at the market trend in the next few months! The highlight is in the fourth quarter, so please wait patiently, the bull market will definitely come, and hold on to the chips in your hands!
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