Bitcoin extended gains after Robinhood launched its blockchain, with the company touting it as ideal for both real-world assets and meme coins.
Notable Statistics:
- Coinglass data shows 55,831 traders were liquidated in the past 24 hours for $148.86 million.
- SoSoValue data shows net outflows of $84.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $70.5 million.
- In the past 24 hours, top gainers include Arbitrum, Celestia and Canton.
Notable Developments:
Trader Notes:
Trader Jelle noted Bitcoin is flashing a weekly death cross, a signal that has historically appeared late in bear markets rather than at the beginning.
The analyst argues that past occurrences have often coincided with the final stages of Bitcoin’s downturn, suggesting the bear market may be nearing its end. With multiple bullish indicators aligning, he believes starting a dollar-cost averaging strategy a few weeks ago was the right move.
Trader Titan said that regardless of whether Bitcoin has already bottomed or has further downside ahead, history suggests accumulating around a weekly death cross has typically been a favorable long-term strategy.
Trader AshCrypto explained Bitcoin has reclaimed its 200-week moving average, a key long-term bear market support, and is holding above $60,000 after bouncing from $57,000.
The analyst says maintaining this level could pave the way for a historically strong July-August rally.
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Source: Original Article
