Whales Fuel Bitcoin Breakout as ETF Inflows Rise

Bitcoin is showing signs of bullish momentum despite recent challenges such as a Coldcard wallet hack and geopolitical tensions. One positive sign is that Bitcoin ETFs saw net inflows of $172 million in July, the first time this has happened in three months.

An even more significant indication of a potential breakout is that whales have been purchasing large amounts of BTC, with 30,000 units worth over $200 million bought in early August. This buying activity could lead to a retest of the 200-day moving average, signaling a possible new bullish cycle for Bitcoin.

However, risks remain from Federal Reserve policies and legislative uncertainties such as the Clarity Act in the US. A bullish inverse head and shoulders pattern is forming, suggesting a potential breakout above the $66,000 neckline that could lead to a retest of the 200-day moving average.