VC Lists 2 Reasons Why Bitcoin Is Still Trending Below $100,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	925,695,562	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

925,695,562

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00309	-0.50%	0.621	0.620	0.621

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00309

-0.50%

0.621

0.620

0.621

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.625	0.619	0.621	0.62409	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.625

0.619

0.621

0.62409

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:33:02	3.39	0.630	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:33:02

3.39

0.630

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,497.46	16,879.20	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,497.46

16,879.20

VC Lists 2 Reasons Why Bitcoin Is Still Trending Below $100,000

07/06/2024 4:30pm

NEWSBTC

Bitcoin traders are upbeat, confident that bulls have more legs to push prices above $72,000 and all-time highs. While the excitement about what lies ahead is primarily due to the mass inflow into spot Bitcoin exchange-traded funds (ETFs), Charles Edwards, the founder of Capriole Investments, has picked out multiple factors capping the current uptrend to $100,000. Here’s Why Bitcoin Is Still Trading Below $100,000 In a post on X, Edwards said several factors combine to suppress gains. However, most relate to a tussle between new institutional money and a wave of long-term holder selling. Roughly six months after the first batch of spot Bitcoin ETFs were approved by the United States Securities and Exchange Commission (SEC), billions continue to flow to these derivative products. Related Reading: Injective (INJ) Price Set To Skyrocket 33% On Classic Bullish Signal: Crypto Analyst According to Lookonchain, all nine spot BTC ETF issuers in the United States added 6,907 BTC worth over $492 million on June 6. Fidelity added 3,104 BTC, while BlackRock bought 2,186 BTC. Encouragingly, following sharp gains on May 20, institutions have been increasingly buying more BTC, gaining exposure through spot ETFs. Over the past half year or so, Edwards notes that spot Bitcoin ETF issuers in the United States have been aggressively accumulating. So far, they have bought 200% of all BTC mined since their debut in January. What this means is that there is a steady and impressive stream of institutional investment flowing to Bitcoin. BTC prices have been trending higher in response to this development, breaking above 2021 highs and printing fresh all-time highs in March 2024. Related Reading: Crypto On Watch: Will ECB Rate Cut Fuel Bitcoin Rally? Though the uptrend is clear, the pace of expansion is discouraging. Edwards notes that more and more long-term holders are actively selling. Their share of the total supply has been shrinking since the December 2023 peak of 57%, falling to 54%, reducing 630,000 BTC in the process. This figure dwarfs the total holdings of all BTC accumulated by spot Bitcoin ETF issuers in the United States. Spot Bitcoin ETF Inflows, USD Liquidity, And Long-term Holder Behavior Are Key Amid this wait, the founder thinks Bitcoin could still exceed local resistance and rally to $100,000. For this level to be tested, there must be a spike in institutional appetite for BTC, even pushing daily purchases to over $1 billion. Additionally, long-term holders must slow down their liquidation, reducing supply. If this prints out as the M2 money supply in the United States increases, the coin could surpass expectations, breaking out from the current range. Feature image from DALLE, chart from TradingView

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