Bitcoin Price Rises as Institutional Money Flows Back in
Bitcoin's price has been steadily climbing after experiencing losses earlier in the week, and it's now up 1.49% to $64,733.67.
The main driver behind this increase is institutional money coming back into the market, with U.S. spot Bitcoin ETFs snapping a four-day losing streak with $32.1 million in net inflows on July 30.
Bitcoin's price continues to move in lockstep with stocks, having a 69% correlation with the S&P 500 right now. The Fed leaving rates unchanged didn't spook anyone, and a wave of liquidations actually added fuel to the fire.
On-chain data shows bigger investors are getting more confident, with wallets with 100 to 1,000 BTC picking up about 66,700 BTC in the two months leading into late July, the strongest accumulation stretch in five months. When whales buy during weak price periods, they tend to pull coins off exchanges and tighten supply, which can help support a bounce.
One expert, Crypto Patel, pointed out that Bitcoin's NVT Golden Cross turned bullish, indicating the asset is cheap relative to what's happening on-chain. However, Binance BTC flows are jumpy, and the Coinbase Premium weakened, meaning institutional demand has picked up, but not across every corner of the market.
The chart analysis shows a string of higher lows since the late-June low around $58,000, indicating improving structure. The main resistance zone is between $65,000 and $66,000, and if Bitcoin breaks above that area, the next targets are $68,000 and potentially even $70,000 or higher.