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Bitcoin’s (BTC) price reversed the decline experienced since March, especially after falling below $70,000, and saw a notable rise. After this increase, the price surpassed $67,000 following a month-long period. This price rise coincided with some positive signals from the market.
Why is Bitcoin Price Rising?
On July 19, Bitcoin’s price reached the month’s highest level of $67,386 after a 5% increase. This level was last seen on June 13, during a downward movement that investors faced. Despite this, BTC experienced a slight pullback after the rise and was trading at $66,554 at the time of writing.
Analysts commenting on the market situation suggested that the price might have risen due to various reasons, including the end of a nearly $3 billion sale by the German government. Indeed, the German government sold a total of 49,858 BTC in recent weeks, earning $2.8 billion.
Meanwhile, a survey conducted on the social media platform Reddit revealed that creditors related to the hacked crypto exchange Mt. Gox were not in a hurry to sell their recovered Bitcoins. According to the survey, these individuals generally voted against selling.
Another event supporting the rise was a new wave of inflows into Bitcoin ETFs, exceeding a total value of $1 billion throughout the week. Leading exchange Gemini also commented on these ETF inflows.
Gemini’s statement was as follows:
Investors allocating to spot Bitcoin ETFs might be new entrants to the market who previously did not have direct access to spot Bitcoin and are using this market downturn as an opportunity to increase their exposure to Bitcoin.
Bitcoin Miners Accumulate
An important development seems to be occurring on the Bitcoin miners’ side. Emerging data suggests that Bitcoin miners might be accumulating again. IntoTheBlock data confirmed this. Indeed, the provided information showed that Bitcoin miners increased their holdings this month. During this period, miners accumulated approximately 4,500 BTC, valued at around $300 million.
Meanwhile, IntoTheBlock data revealed that the number of addresses holding 1,000 or more BTC reached a two-year peak. This led to comments suggesting that large investors were starting to accumulate again.
