Bitcoin continues to negotiate above the $ 118,000 mark, holding stable after a week of significant institutional developments and a historic chain metrics. According to Coindesk data, the BTC increased 1.45% in the last 24 hours, gaining 30 days to 10.42% and raising its performance for the start of the year to more than 26%.
The analysis company of the Glassnod Blockchain underlined in its latest report “Week on Chain” according to which July brought one of the strongest rising eruptions of the year. After diving at around $ 105,400 earlier in the month, Bitcoin reached a summit of $ 122,700 before settling in a consolidation phase just below this level. The report noted that this price rally had sparked a substantial realization of long -term holders while attracting new buyers, leading to an influx of capital supported in the asset.
The result is that the capitalization achieved by Bitcoin – a measure of the total value of the parts based on the last time they were moved – has now exceeded 1 dollars billion for the first time. Unlike market capitalization, which reflects the current prices multiplied by the total offer, the ceiling made follows the real liquidity deployed in bitcoin over time. This step reflects an increasing conviction among long -term holders and new entrants, and indicates a deepening of the asset liquidity base. He also underlines the growing role of bitcoin on the macroeconomic stage, with the ability to absorb and settle ever larger capital volumes.
Institutional activity continued to dominate the headlines. Friday, Galaxy Digital (GLXY) by Mike Novogratz announced in a press release “the successful execution of one of the largest notional transactions of Bitcoin in the history of the crypto in the name of a client”.
Galaxy said that he had executed a Bitcoin transaction of more than $ 9 billion in the name of an investor inherited from the first days of the network. The sale of 80,000 BTC is one of the largest of its kind in the history of cryptography and has been part of the customer’s estate planning.
Meanwhile, Friday, CNBC resurfaced a detail of the second quarter of Tesla in the profit documents of 2022, which revealed that the company had converted around 75% of its bitcoin into fiduciary currency during this quarter.
Friday morning, Bitcoin oscillating about $ 118,000, David Faber, a co -host of “Squawk on the Street”, said that Tesla had kept its complete Bitcoin participations, the value of its BTC farms would now exceed $ 5 billion – four times higher than its reported recovery of $ 1.25 billion in the last quarter.
Strengths of technical analysis
- According to the Technical Analysis Data Model of Coindesk Research, during the 23 -hour session ending on July 26 at 2:00 p.m. UTC, the digital assets gathered more than 3%, occurring a negotiation range of $ 3,300 between $ 114,937 and $ 118,237.
- The support remained firm in the area from $ 117,140 to $ 117,330, while the resistance seems to consolidate just below the threshold of $ 118,200.
- The last hour of negotiation experienced modest gains of 0.07% while the BTC increased from $ 118,095 to $ 118,183, with a tight range consolidation suggesting a continuous purchase interest just below the psychological resistance.
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