Bitcoin Price Pumps Above $31,000 – Can It Continue Now? –

Miner preparing for Bitcoin Halving as other cryptocurrencies rise

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Bitcoin has seen significant strength in early July, holding steady above $30,000, and recently breaking out above $31,000. With positive signs on the weekly and monthly time frames, traders and analysts are excited about what the future holds for the world’s largest cryptocurrency. The traditional financial markets, the bitcoin whales and the long-term bitcoin holders also play an important role in this.

A Mixed Picture: Differing Market Views and the Impact of Bitcoin Whales

A diverse range of opinions on future price developments can be observed in the world of Bitcoin. Some market participants believe that Bitcoin can easily surpass $32,000 and even climb higher. However, others see this month as the peak of Bitcoin’s rally in 2023 and the uptrend is expected to diminish as a result.

Factors that may influence bitcoin price behavior in the coming days and weeks are being closely watched. Recent developments showed that Bitcoin surpassed $31,000 and made a new annual level at $31,344.

Bamboo Parrot - BANCHAIN​​​​​​​on Binance Feed: Bitcoin Whale Transferred 31,000 BTC!  |  Binance Feed
Source: Binance

The so-called bitcoin whales, ie market participants with a significant amount of bitcoins, now play a central role. According to on-chain monitoring resource Content Indicators, these whales play an important role in maintaining BTC’s current price levels.

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The role of Bitcoin miners and long-term holders in price stability

The role of bitcoin miners and long-term investors – often referred to as “suckers” – cannot be overestimated when it comes to bitcoin price stability. These two groups are critical to keeping the Bitcoin ecosystem balanced and regulating price volatility.

Bitcoin miners, who form the backbone of the Bitcoin network, have emphasized the importance of breaking through and holding the $30,000 mark. They have increased the amount of coins sent to exchanges, indicating increased sales activity. However, overall miners’ balances have maintained a slow upward trend since the beginning of 2023. This indicates that despite the price fluctuations, miners are not experiencing significant difficulties and continue to show confidence in the market.

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Furthermore, long-term holders of Bitcoin have shown strong conviction, who are sticking with their investment regardless of short-term price movements. The amount of Bitcoin is classified as “illiquid” after levels not seen since the bear market of 2022. This shows that the hodlers are sticking to their positions regardless of the price volatility.

The impact of leverage and investor interest on the current bitcoin market

The dynamics of the bitcoin market are a complex interplay of various factors, one of which is leverage and investor interest. These aspects can have a significant impact on price movements and the overall market climate.

Regarding leverage, it can be noted that the ‘open interest’ of the future compared to ‘market capitalization’ is over 2.1%. This value is comparable to when the BlackRock ETF was announced and serves as an indicator of the level of leverage in the market. A higher level of leverage indicates increased risk, but may also indicate increased risk taking and speculative activity.

At the same time, the ‘open interest’ in futures contracts has increased compared to the balances of the respective exchanges since April. This represents an increase in leverage and therefore risk.

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On the other hand, investor interest shows a significant bullish tendency. The Options 25 Delta Skew, which shows the interest of investors in call or put options, strongly inclined to the side of the call. This imbalance shows that investor sentiment is particularly bullish, and indeed the market has not seen this level of optimism in calls this year.

Bitcoin price gains: how sustainable is the rise?

The structure of the crypto market has improved significantly over the past few weeks. Bitcoin, the largest cryptocurrency, has seen a significant growth of over 12% in the last 30 days, bringing the cumulative annual return to over 60%.

Bitcoin’s bullish attitude, firmly established in June, continued in July, and according to market forecasts, it could capture BTC to $38,000. According to live data from CoinMarketCap, the price of bitcoin is 1.4% higher today than yesterday, but more importantly, the bulls have recovered resistance at $31,000 and are now working to close the gap to the next hurdle at $32,000 close.

A daily close above $31,000 was a big move to solidify Bitcoin’s progress. In other words, investors are likely to continue buying BTC if the elusive support at $31,000 is confirmed in the coming sessions.

On the other hand, a breakout above $32,000 could be another sign that bitcoin price is on the way to clear the distance to two key resistances at $34,000 and $38,000.

This memecoin is now the best bitcoin alternative on the market

While bitcoin still gets the lion’s share of attention in the cryptocurrency market, there are some great and powerful options that are worth exploring. One of them is Thug Life ($THUG), an upcoming memecoin that is making waves in the market. But what makes this particular memecoin the best bitcoin option out there?

The Thug Life Coin is more than just another memecoin. It combines the humorous and casual nature of memecoins with the seriousness and practicality of mainstream cryptocurrencies. $THUG represents a growing community of crypto enthusiasts who believe that cash can be fun and also have real utility.

The creators of Thug Life built their cryptocurrency around a robust and easy-to-use ecosystem. The coin has several unique features including an automatic liquidity system and a distribution system that rewards holders for holding the coin. Unlike Bitcoin, which is often volatile due to its limited supply and high demand, Thug Life strives for greater stability and ease of use.

One of the most striking features of $THUG is its vibrant and engaged community. This community, made up of crypto newbies and veterans alike, has created a supportive and welcoming atmosphere that is attractive to many investors. With regular community events and ongoing engagement with developers, $THUG has a strong social backbone that sets it apart from many other cryptocurrencies.

Another advantage of Thug Life is its accessibility and relative affordability compared to Bitcoin. With Bitcoin skyrocketing into the tens of thousands of dollars per coin, getting started can be daunting for many investors. In contrast, $THUG is much more affordable, making it an attractive option for investors looking to enter the crypto market without making a significant financial commitment.

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Overall, Thug Life offers a powerful combination of strong community engagement, unique features, and relative accessibility. While Bitcoin remains a strong cryptocurrency, Thug Life is a viable alternative for investors to consider. With its combination of fun and functionality, $THUG may have the potential to hold a strong position in the ever-evolving cryptocurrency landscape.

Last updated on July 4, 2023

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