Bitcoin (BTC) Price Rallies 4.4% to $67K, Replicating the Pattern Seen at the Launch of the Bitcoin ETF in January

The cryptocurrency market rallied 3.4% overnight to $2.4 trillion, taking advantage of the mixed performance of US indices, with the Russell2000 and Dow Jones up

The cryptocurrency market rallied on Saturday, rising 3.4% over the last 24 hours to reach $2.4 trillion. This follows a mixed performance by US indices, with the Russell2000 and Dow Jones Industrials Average rising and the Nasdaq 100 and S&P 500 decreasing.

Bitcoin rose 4.4% over the last 24 hours to trade at $67,000, boosting the broader crypto market. The world's largest cryptocurrency bounced off the 50-day moving average on Friday and continued to gain strength on Saturday. This highlights the strength of the bulls, who have managed to defend the medium-term uptrend. At current levels, BTC is back at the upper boundary of the descending channel that formed in March.

Meanwhile, ETH found support near its 200-day moving average, which also suggests that the bulls are keen on keeping the coin in a long-term growth trend and buying on dips towards $3,000. ETH now trades at around $3,200 and faces no technical hurdles ahead until the $3,500 area, where local profit-taking could occur.

The sell-off largely replicates the pattern seen at the launch of the Bitcoin ETF in January. According to SoSoValue, net outflows from spot Ethereum ETFs totalled $133.2 million as of 24 July. Inflows into “new” ETH-based ETFs were not enough to offset $326.9m of client withdrawals from Grayscale's ETHE.

The Bitstamp exchange reported that it had received the assets of the bankrupt Mt. Gox, following a similar report from the Kraken exchange. The payouts came after a series of transactions that saw the platform's guarantor move 48,641 BTC, valued at over $3 billion.

On the other hand, spot bitcoin ETFs saw positive flows again, with net inflows of $44.5m on the day. Cumulative inflows since the launch of BTC ETFs in January now stand at $17.5bn.

According to VanEck's baseline scenario, bitcoin could reach $2.9 million by 2050, considering its acceptance as a global medium of exchange and reserve currency. In a bearish scenario, the price will only rise to $130,300.

The largest mining company in the US, Marathon Digital, bought $100 million worth of bitcoins. The decision was made considering the recent market correction and the company's return to its strategy of holding all mined bitcoins on its balance sheet.

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