What to know:
- Despite a 7.6% decrease in the number of weekly active addresses down to 610,000, BTC price holds an important technical support.
- Spot Bitcoin ETFs saw $197.4 million in weekly net inflows, ending several consecutive weeks of outflows in the U.S.
- Analysts target at $67,167 and $71,718 levels provided Bitcoin holds technical support and continues its uptrend.
Bitcoin price continued to trade above an important technical level on July 12, even as on-chain data showed a slowdown in network activity.
Currently, Bitcoin (BTC) is trading at $64,008, down 0.38% over the past 24 hours. During the same period, BTC recorded $17.84 billion in trading volume, maintained a $1.28 trillion market capitalization, and held 58.39% of the total cryptocurrency market.
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Bitcoin Price Holds Above Key Support
According to a recent post by crypto analyst Ali Martinez, the number of weekly active addresses of Bitcoin fell by 7.6%, sliding from roughly 660,000 to about 610,000. Active addresses are considered a way of measuring the user interaction with the blockchain. While the decline shows lower on-chain activity, it does not necessarily mean a reduction in the asset price.
In contrast, institutional interest appears to be improving. Data provided by CryptosRUs show that spot Bitcoin ETFs managed to record $197.4 million in weekly net inflows, ending several consecutive weeks of outflows. The positive change may signal a renewed appetite of the large players following the weak demand.
Institutions’ flows have recently become one of the most-watched indicators of Bitcoin due to the launch of spot Bitcoin ETFs in the United States. Positive inflows usually mean increased purchasing activity of institutional investors and asset managers, which can provide support for prices over time.
Technical Breakout Points to Higher Price Targets
Technically speaking, the BTC/USD pair is trading above the four-hour chart’s long-term descending trend line, which, in the view of many analysts, is often seen as a signal of possible trend reversal. The recovery from the previous swing low implies that buying interest grows amid waning selling pressure.
The breakout level is expected to serve as an important support level for now. In case the Bitcoin price stays above it, even amid any short-term retracement, it will reinforce the bullish formation and raise the chances for another upside movement.
As per the technical outlook, the first target for the uptrend is currently set at $67,167, and the next one is at $71,718 in case of sustained buying pressure. At the same time, failing to stay above the breakout support is likely to result in a temporary price decline.
Overall, the positive ETF inflows, coupled with technical breakout, provide optimistic forecasts regarding Bitcoin, despite lower network activity. It remains to be seen how the ETF flow data and further developments related to Bitcoin price staying above support levels will affect the further price dynamics.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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