Amid gradual changes in cryptocurrency markets, Bitcoin (BTC) appears to be entering a stabilization phase, with indicators suggesting that traders are entering an accumulation period. Analysts note that despite price fluctuations, the leading cryptocurrency is trading at $66,300, down 0.7% but still up 7% over the past two weeks. Meanwhile, Ethereum is down 2% to $2,570, according to data from CoinGecko, although it has also gained 5.5% over the past two weeks. Market analysts point to several key factors that support this stabilization thesis. Circle’s $1.7 billion USDC shortfall was more than offset by significant liquidity metrics, including substantial stablecoin inflows totaling $38 billion this year, well above the $21 billion it had.
According to 10x Research, the market is weighing a number of factors before potentially resuming its upward trajectory. “Rather than be overly pessimistic, we believe the market needs time to digest higher bond yields before Bitcoin can resume its upward move,” 10x Research wrote in a note to Decrypt. It also highlighted that while funding rates for Bitcoin and Ethereum have risen to 10%, spot prices have lagged and retail investor participation remains low. “We’d like to see a few indicators converge to confirm the bullish trend, but this isn’t a major concern. The market likely just needs a few days for funds to flow into Bitcoin Spot ETFs again.” Additionally, overall stablecoin inflows have been a key factor driving liquidity this year. “Stablecoin inflows have totaled $36 billion since the Bitcoin Spot ETF launched, and liquidity remains high,” 10x Research noted, noting that these inflows continue to put upward pressure on Bitcoin’s price.
While Bitcoin dipped to $67,000 after being rejected at the $70,000 resistance level, this softer rejection suggests that traders are accumulating assets in anticipation of a bullish breakout. “The upcoming US presidential election, potential interest rate cuts, and global stimulus measures could see cryptocurrencies reach new highs in the coming weeks,” says Konstantinas Sizovas, a leading crypto analyst. However, he urged caution as Bitcoin is close to a key support level. “Bitcoin is close to a local support level at $66,800. A break below this support could lead to a deeper correction towards $65,500.” Despite the recent decline, he emphasized Bitcoin’s market dominance, noting that BTC’s share of the cryptocurrency market capitalization has risen to 57.3%, its highest since April 2021.
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