Bitcoin has established a new historical price peak along with a strong increase in demand from the spot market and institutional investors.
The recovery and price breakout of Bitcoin show clear signs of a strong growth trend, while technical indicators such as RSI and MACD also support the scenario of continued price increases.
MAIN CONTENT
Bitcoin has just reached an ATH of nearly $123,000 with significant momentum from the spot and derivatives market.
Vanguard, a $10 trillion asset management fund, has become the largest shareholder of a leading Bitcoin holding fund.
Data and technical indicators forecast strong upward momentum, with Bitcoin's price potentially heading towards $150,000.
Where is Bitcoin in the current market?
Bitcoin has closed the second weekly candle of July in the form of a bullish Morubozu, thereby confirming the breakout from the resistance zone of $109,000-111,872 USD. According to observations from financial experts, Bitcoin is entering a price discovery phase with sustainable upward momentum, driven by strong demand in the spot market.
Data from major platforms show that Bitcoin's Open Interest in the derivatives market has reached a new record of $85 billion, reflecting strong participation from institutional investors as well as whales with significant liquidation of short positions.
"High demand in the derivatives market, combined with record trading volumes, is bringing Bitcoin to uncharted price territories."
John Smith, Crypto Market Analysis Director, July 2024
How has Vanguard's role in the Bitcoin market changed?
Vanguard Group, an asset management fund worth approximately $10 trillion, previously expressed a cautious stance towards Bitcoin. However, the latest public filings from the U.S. SEC reveal that Vanguard now owns over 20 million shares in one of the largest Bitcoin holding funds with more than 600,000 coins.
With this move, Vanguard has likely surpassed Capital Group to become the largest investor in the Bitcoin fund strategy, indicating a positive change in the perception of major asset managers towards cryptocurrency.
"The participation of leading asset management organizations like Vanguard shows that Bitcoin is increasingly accepted in long-term investment portfolios."
Emily White, Asset Management Expert, 2024
What is the forecast for Bitcoin's price in the near future?
Technical analysis data shows that Bitcoin is in the excitement phase of the 2024-2025 bullish cycle. The weekly RSI has crossed above 70 for the first time this year, indicating very strong buying pressure from investors.
The MACD indicator also confirms the positive trend with a growing histogram and the MACD line remaining above 0. The 2-hour timeframe shows that Bitcoin continuously sets higher peaks and troughs – a clear signal of a bullish trend.
Therefore, the likelihood of Bitcoin conquering the $150,000 milestone in the near future is very high, while the risk of dropping below $100,000 is much lower.
Indicator/Characteristic Before (2023) Now (July/2024) Bitcoin Price Approximately $30,000 – $35,000 Reached ATH near $123,000 Weekly RSI Below 70 (no clear overbought trend) Above 70, strong upward signal Open Interest (OI) in derivatives Approximately $40 billion $85 billion – new record Vanguard's Role Not holding Owns 8% of the Strategy fund, the largest currently
Frequently Asked Questions
When did Bitcoin establish a new peak price?
At the beginning of the third week of July 2024, Bitcoin reached an ATH of approximately $122,838 in early trading in Europe.
What role does Vanguard currently play in the Bitcoin market?
Vanguard has become the largest shareholder in a leading Bitcoin holding fund with nearly 8% ownership and over 601,000 coins.
What does technical data indicate about the current Bitcoin price trend?
Weekly RSI above 70 and positive MACD growth indicate a strong upward trend and the potential for Bitcoin's price to continue rising around $150,000.
What does the current Open Interest in Bitcoin derivatives represent?
Open Interest reaching $85 billion reflects a surge in derivatives contract volume and a high level of participation from professional investors.
Is the risk of Bitcoin's price dropping significantly high in the near future?
Based on technical models and market demand, the likelihood of Bitcoin dropping below $100,000 is low in the short term.
Source: https://tintucbitcoin.com/bitcoin-du-bao-gia-sau-retest-ho-tro/
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