Bitcoin is doing what it has done in previous cycles when it has entered a bull market. Bitcoin is out of its bear market. But expect a possible pullback.
Thatâs according to analysts at crypto research firm CryptoQuant, who say the coin is behaving like it has done in the past. â Ju Pointed to movements bitcoin made in its last cycle before entering a bull market, and said the coin was currently doing the same thing. com/q45AHHpK4e CryptoQuant research shows that bitcoin flows to derivative exchanges have started again, confirming that traders have entered ârisk-onâ mode, which âhas marked the start of a new bull cycleâ in the past.
â Bitcoin started surging last week. It is currently up 22% over a seven-day period and was recently priced at $78,716. It briefly touched $81,160 on Monday.
Its rise comes after a sluggish June and July when it mostly traded below $65,000. S. investors last week reversed course and bought up shares in the bitcoin exchange-traded funds, which had their best week since October â the same time bitcoin notched its record of $126,080.
9 billion in new cash. The change in sentiment comes after the Treasury Departmentâs announcement last week to at least double the size of its long-dated bond buybacks. Since the Treasury made the announcement, yields have gone down, while bitcoin and gold have shot up.
The dollar last week was trading at a three-month low and on track for its worst week of August. Bitcoin, on the other hand, had its best week since 2023. Positive regulatory news coming out of the White House also helped: President Donald Trump held a meeting with crypto executives earlier last week, and urged lawmakers to get the Clarity Act over the line.
