Bitcoin owners benefit, but stock market net flow and indicators contradict the market mood

Bitcoin owners benefit, but stock market net flow and indicators contradict the market mood

Bitcoin (BTC) is still the topic of the conversation of many investors, since 73 % of the BTC owners were profitable on July 6th. This emerges from Intotheblock data, which also show that 29 % of the total BTC offer has not been moved in the past five years.

The CEO of Blackrock, Larry Fink, recently said that BTC was an international asset and that would play a role in the digitization of gold. This statement increased the positive image of BTC.

Another reason to joy was a tweet by analyst Willy Woo, who pointed out that the adoption rate of BTC is currently in 4 % of the world's population and is expected to continue to increase. Woo predicted that BTC will outperform all other asset introductions in the next two to three decades.

Despite the positive mood, the long/short ratio of BTC was disappointing. At the time of the writing of this article, 49.19 % of the owners of long positions were 50.81 % short positions. This indicates that some investors may have taken their profits with them, but overall their positions.

The price movement of BTC, however, ensures some investors because the price was $ 30,371 at the time of writing this article, 0.64 % below the opening course of the day. In addition, the indicators such as the moving average convergence divergence (MACD), the relative strength index (RSI) and the Money Flow Index (MFI) show a dark picture. This could mean that the bears could take control.

Another potentially questionable sign is the BTC stock market net flow, which was 1,567 at the time of writing this article. This means that more retailers deposited their BTC on stock exchanges than they deducted. This could indicate that BTC's current price correction could continue until the pressure to buy increases or the net inflow on the stock exchange is reversed.

It remains to be seen how BTC will develop and whether the positive views of Intotheblock and Willy Woo will become a reality. Investors should keep an eye on the developments in order to be able to make sound decisions.