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BTC$56 527.62

10.48%

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ETH$3 261.76

6.79%

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USDT$1.000539

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Bitcoin sellers in disbelief or BTC price wouldn’t still be at $41K


02 Aug 2021

#Bitcoin

A small number of old hands choose to cover all their bases as BTC/USD clinches a July close above $41,000. Bitcoin (BTC) closed July above $41,000 in a “bullish engulfing” candle that dramatically upends its previous downtrend. In a tweet on Aug. 1, investor and entrepreneur Alistair Milne joined many in celebrating a classic return to form for BTC price action.

Bitcoin refuses to flip bearish

After seeing three monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated. Despite the dip to $29,000, bears failed to stay in the driver’s seat as July drew to a close as resistance levels fell and sentiment improved. 

“Bullish engulfing on the monthly chart for Bitcoin,” Milne summarized. 

A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle — i.e., July, the body of which completely covers or engulfs the body of the previous candle (June).

The move up — and its staying power — has been so surprising that even seasoned hodlers appear confused about what to do next. On-chain data shows that some long-term holders (LTH) are in fact selling as BTC/USD rises, something that analyst Lex Moskovski believes corresponds to the “disbelief” stage of a classic market cycle.

Moskovski highlighted the long-term holder spent output profit ratio indicator (LTH-SOPR), which this weekend hit its lowest levels in 2021. SOPR looks at the value of coins moved in a particular time period to get an impression of profitability of coins being sold. A downtrend toward the neutral 1 value, Glassnode explained, suggests that profitability among the coins in question is low.

“Some long-term bitcoin holders are selling into this bounce with minimal profit as indicated by LTH-SOPR hitting this year’s low for two days straight,” Moskovski commented. “This is one of the reasons we’re still at 41k. Disbelief.”

“Like clockwork”

Bulls, meanwhile, continue to look for triggers that could send BTC/USD past $42,000 resistance for good, this having seen two tests in the past 24 hours. Related: Bitcoin 'supercycle' sets up Q4 BTC price top as illiquid supply hits all-time high. Beyond there, as Cointelegraph noted, little lies in the way until $45,000 and $47,000.

Equally enthusiastic for upside on Saturday was PlanB, the creator of the stock-to-flow price model family, who described Bitcoin’s July close as being a recovery “like clockwork.” Stock-to-flow, while currently demanding a Bitcoin price of nearly $100,000, remains valid, with PlanB giving a minimum August close requirement of $47,000.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64.8% 79 $56 527.62 10.48% 8.51% $1 110 147 682 895 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 81 $3 261.76 6.79% 11.77% $391 912 269 102 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000539 0.05% 0.07% $98 116 459 661 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 69 $399.13 2.95% 11.88% $59 686 585 336 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 77.6% 44 $111.94 9.86% 1.85% $49 513 280 834 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 86% 22 $0.559906 4.83% -1.62% $30 567 646 280 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $0.999901 -0.02% -0.01% $28 515 855 559 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.2% 67 $0.623895 7.87% -1.48% $22 130 831 988 ADA 7 days price change
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14 Polkadot (DOT) DOT Polkadot predictions 70.4% 52 $8.14 6.13% 4.66% $10 453 525 860 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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