Bitcoin Bulls Flex Their Muscles Despite Social Buzz Dip
Bitcoin’s Descending Channel Is Still Doing Its Job. Upper Barrier Next?
Bitcoin ETFs are still the talk of the town and they continue to attract massive investments. BlackRock’s IBIT Bitcoin Exchange Traded Fund (ETF) saw another $107 million in inflows on July 18, marking the ninth consecutive day of growth. This could be related to the recent surge that saw Bitcoin jump from an accumulation zone around $57,000 to a high just above $66,000 a couple of days ago.
However, social media commentary related to Bitcoin has decreased significantly compared to four months ago. Blockchain market intelligence firm Santiment reports that positive Bitcoin mentions are about a third of what they were four months ago.
Despite the decline in positive sentiment, the Crypto Fear and Greed Index is in the “Greed” zone with a score of 60 out of 100. So on the one hand we have lower social media interactions and on the other hand, we have a clear price increase on the charts and growing “greed”. Definitely a mixed bag of signals.
Although “big money” comes from institutional investments, many analysts believe that retail traders are the spark that ignites a real bull run. If that is the case, we will probably need to see an increase in interest coming from retail traders.
Economic factors also play a role, as higher-than-expected unemployment claims at 243,000 signal a weakening job market, which might drive investors toward Bitcoin as an alternative asset.
Doge News: Whale Activity Spurs
In the world of Dogecoin (DOGE), crypto whales, have purchased 60 million DOGE worth approximately $7.3 million in the past 24 hours. This increased activity suggests anticipation of bullish momentum. It looks like whales know something we don’t… or it’s just a simple case of “buy the dip” after a pullback. Or it could be just confidence stemming from developments in the Dogecoin ecosystem, such as integration with Ordinals inscriptions, which could further boost DOGE prices.
Chart Analysis – BTC/USD
The Digital King is now changing hands at $64,000, trading right on the 50-day Moving Average. The important thing to note here is that Bitcoin reacted once again to the descending channel, bouncing at its lower barrier.
The move up was swift and strong, which may indicate that the pair is headed for the upper part of the channel, located around $67,000. A key element for short-term and medium-term movement is the 50 MA, which could bring in additional buyers if the price stays above it. Also, the level at $63,600 is likely to turn into support. If it does, the chances of an extended bullish move will increase.
