Bitcoin Breaks Above $60K As New Addresses Suggest “Renewed Interest” From Retail Investors

The Bitcoin price climbed above $60K in the last 24 hours following a 6% jump as IntoTheBlock says the uptrend in new crypto addresses in recent weeks might be a sign of “renewed interest” from retail investors.

“The number of daily new addresses has trended downward” since November 2023, IntoTheBlock said in an Aug. 8 X post. “However, the trend seems to be shifting, with the number of new addresses trending upward in more recent weeks,” the on-chain monitoring firm added. 

Over $158M Liquidated From Short Positions

The Bitcoin price managed to rise to an intraday high of $62,673.76 throughout the past day of trading. This was after it established its low for the same period at $56,740.87. BTC has pulled back since it briefly broke above $62K to trade at $60,872.91 as of 3:45 a.m. EST.

Overall, crypto prices rose in the last 24 hours. This resulted in over $158.1 million being liquidated from short trades in the last 24 hours, according to CoinGlass data. Meanwhile, only $64 million was wiped out from long positions during the same period.

Analysts Bullish On Bitcoin, But JPMorgan Remains Cautious

Renowned trader and analyst Michael van de Poppe predicted in an Aug. 8 X post that a weekly candle close for this week above $57K could signal that the market leader has established its bottom for the latest correction.

#BTC

Bitcoin has successfully broken above $60600

Dips into $60600, if any at all, would constitute a retest attempt of that level

Generally, continued stability above $60600 and BTC will be able to revisit the $65000 (blue) over time$BTC #Crypto #Bitcoin https://t.co/mrcMTItdHb pic.twitter.com/CM811uBoto

— Rekt Capital (@rektcapital) August 8, 2024

Pseudonymous analyst Rekt Capital echoed the same bullish sentiment on X. Following BTC’s break above $60,600, he believes that stabilization above this mark could lead to the crypto rising to $65,000 “over time.”

While analysts are bullish on BTC, banking giant JPMorgan believes catalysts that could push Bitcoin’s price higher are mostly factored in. The bank’s team said it remains cautious on crypto given the “limited de-risking in the CME bitcoin futures” and because equity markets still look “vulnerable.”

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