"Bottom signal reappears before 740% surge"...Bitcoin (BTC), about to rebound?

▲ Bitcoin (BTC) Bull Market

A bottom signal, previously observed in Bitcoin (BTC) before a 740% surge, has reappeared. Market attention is focused on the possibility of a Senate vote on the U.S. cryptocurrency market structure bill.

According to Benzinga on August 5 (local time), Bitcoin rose 0.66% in 24 hours but failed to break above $65,000. Ethereum (ETH) rose 2.12%, and Solana (SOL) rose 0.43%. In contrast, XRP fell 0.82%, and Dogecoin (DOGE) fell 0.31%. The total cryptocurrency market capitalization decreased by 0.79% to $2.2 trillion.

In the market, over $250 million worth of positions were liquidated in the past 24 hours. Short positions betting on a decline accounted for $169 million in liquidations. Bitcoin's open interest increased by 1.17%, but institutional investor sentiment turned extremely bearish. Top Binance investors maintained net long positions, but the size of their long positions significantly decreased this week. The Fear & Greed Index also re-entered the extreme fear stage.

In the U.S. Senate, there's renewed movement to process the U.S. cryptocurrency market structure bill before the recess. Senate Republican Whip John Thune raised the possibility of a last-minute vote, making the deadlock surrounding the bill's passage a major market variable.

Crypto analyst Ali Martinez analyzed that a bullish divergence signal appeared between Bitcoin's price and net capital flows. Martinez stated, "The last bullish divergence observed between Bitcoin's price and net capital flows signaled a cycle bottom," adding, "The same signal has reappeared." In the past, after this signal was spotted, Bitcoin surged 740% from $15,000 to $126,000.

Crypto analyst Michaël van de Poppe predicted that if the U.S. cryptocurrency market structure bill passes this week, the market's wait-and-see attitude could end. He analyzed that the bill's passage could trigger a bullish rally for Bitcoin and altcoins.

[Key Article Summary]

-A bottom signal, previously observed before a 740% surge in Bitcoin's price and net capital flows, has been detected again.

-In the cryptocurrency market, over $250 million worth of positions were liquidated, and the Fear & Greed Index dropped to the extreme fear stage.

-The possibility of a Senate vote on the U.S. cryptocurrency market structure bill has emerged as a variable that will determine the direction of Bitcoin and altcoins.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*