Bitcoin whales are accumulating at an unprecedented level 🐋

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, and closed the week above $67,500 which is quite bullish.

• This level was the weekly supertrend resistance (10, 1.5), which was crucial to break.

• Moving forward, the outlook for BTC is now bullish.

• It seems like the phase of consolidation is coming to an end, and prices could rally significantly higher, based on historic analysis.

• The invalidation level for this would be a weekly close below $58,500, after which the bias will shift to bearish.

BTC Whales Keep Buying 🐋 

In July, Bitcoin whales bought a record 358,000 BTC, worth about $23 billion. This matches the rise in spot Bitcoin ETFs, which saw 53,000 BTC inflows last month.

Even though not all BTC is in custody wallets, whales are clearly accumulating like never before. Bitcoin's price is steady at over $65,000, while retail interest is very low.

Institutions and whales keep buying more BTC, showing that Bitcoin is in an accumulation phase. This suggests the market is changing. We believe prices will rise in the coming months, bringing retail investors back.

John Deaton Discloses 80% Of Portfolio In BTC 🙏 

John Deaton, widely recognized as a significant figure in the cryptocurrency legal landscape, is leveraging his crypto expertise in his political campaign.

The Massachusetts Senate Candidate holds majority of net worth in Bitcoin and crypto related investments. He is challenging Elizabeth Warren for the senate seat .

Recently disclosed financial information reveals that his portfolio is heavily dominated by Bitcoin, with BTC accounting for 80% of his total assets.

Alongside his Bitcoin investments, he also holds notable amounts of Ethereum, Solana, and XRP, positioning himself as one of the wealthiest crypto holders in the political arena.

📕 Educational

^{Bitcoin Buy Signals Have Flashed!}

Two key indicators have flashed strong buy signals for Bitcoin:

1. Hash Ribbons Buy Signal

   • This is one of the most reliable buy signals for Bitcoin.

   • Historically, 7 out of 8 times this signal has led to significant price gains.

2. Supertrend (10, 1.5) Bullish Flip

   • Another highly reliable buy indicator.

   • Historically, 7 out of 10 times this signal has led to significant price gains.

With both indicators turning bullish, we expect Bitcoin to start its next leg up soon. We are bullish on Bitcoin for the upcoming months with a medium to long-term perspective

📊 Resource

📈 Chart of the day

• Ethereum is re-testing it’s 200 Daily Moving Average, which is a good DCA zone in a bull-market usually.

• Price has re-traced it’s entire “ETF-approval hype pump” from May.

• This means that market is pricing ETH as if it does not expect any buying pressure from the ETF’s

• Meanwhile, these ETF’s bought $1 bil worth ETH in just a single day, so the mispricing doesn’t make sense

• CMP & $2780 could be good DCA zones for spot buys for long-term.

• Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.
  

• Source : Cointraction

🤣Meme of the day

Accurate 🤣 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.