Bitcoin Surpasses $60K as New Headlines Point to ‘Renewed Interest’ from Retail Investors

Bitcoin price surges above $60,000 in last 24 hours after 6% surge Jumping As IntoTheBlock notes, the uptrend in new crypto addresses in recent weeks could be a sign of “renewed interest” from retail investors.

“The number of daily new addresses has been trending downward” since November 2023, IntoTheBlock said in an August 8 report. mail“However, the trend appears to be changing, with the number of new titles on the rise in recent weeks,” the chain monitoring company added.

Over $158 million in short positions liquidated

the Bitcoin The price managed to rise to an intraday high of $62,673.76 during the last trading day. This was after hitting a low of $56,740.87 for the same period. Bitcoin has been on a downward trend since briefly surpassing $62,000 to trade at $60,872.91 as of 3:45 a.m. ET.

Overall, cryptocurrency prices have been on the rise in the past 24 hours. This has led to over $158.1 million in short positions being liquidated in the past 24 hours, according to CoinGlass DataMeanwhile, only $64 million in long positions were wiped out during the same period.

Analysts are bullish on Bitcoin, but JPMorgan remains cautious

Renowned trader and analyst Michael van de Poppe predicted in an article on August 8th that X Post A weekly candle close above $57K this week could indicate that the market leader has established a bottom for the latest correction.

#Bitcoin

Bitcoin successfully broke through the $60,600 level

A dip to the 60600 level, if any at all, would constitute an attempt to retest this level.

Overall, the stability above the $60,600 level will continue and Bitcoin will be able to revisit the $65,000 level (blue) over time.Bitcoin #cryptocurrencies #Bitcoin https://t.co/mrcMTItdHb pic.twitter.com/CM811uBoto

— Rekt Capital (@rektcapital) August 8, 2024

Analyst Rekt Capital expressed the same bullish sentiment on X. After BTC broke through the $60,600 level, he believes that a hold above this level could lead the cryptocurrency to $65,000 “over time.”

While analysts are optimistic about BitcoinBanking giant JPMorgan believes that the catalysts that could push Bitcoin higher have mostly been factored in. The bank’s team said it remains cautious on cryptocurrencies given the “limited risk exposure in CME Bitcoin futures” and because equity markets still appear “weak.”

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