Bitcoin continues to trade above a mark of $ 118,000, a landmark milestone in stable and on-chain metrics after a week-long important institutional development. According to COINDESK data, BTC was 1.45% in the last 24 hours, brought its 30-day profit up to 10.42% and increased its year-on-year performance to more than 26%.
Blockchain analytics firm Glasnod highlighted its latest “week on-chain”. Report That July has brought one of the strongest upside breakouts of the year. After taking a dip to approximately $ 105,400 in the first month, the bitcoin reached the all -time high of $ 122,700 before settling in a consolidated phase just below that level. The report said that this price rally took adequate advantage from the holders for a long time while drawing in new buyers, causing continuous arrival of capital in the property.
The result is that bitcoin realized capitalization – a measure of the total value of coins based on the last time – has now crossed the $ 1 trillion for the first time. Unlike market capitalization, which reflects the current price multiplied by the total supply, the CAP tracks the real liquidity deployed in the bitcoin over time.
Glasanode states that this milestone reflects the increasing conviction between the long -term holders and the new entrances, and indicates the liquidity of the property to deepen the base. The on-chain analytics firm also claims that it points to the growing role of bitcoin on the macroeconomic stage, which has the ability to absorb and organize large versions of capital.
On Friday, Mike Novograte’s Galaxy Digital (GLXY) announced Press release “Successful execution of one of the largest bitcoin transactions in the history of Crypto from a customer.”
Galaxy said that it carried out more than $ 9 billion bitcoin transactions from the inheritance investor from the early days of the network. 80,000 BTC sales are the largest of its kind in crypto history and allegedly part of the customer’s property scheme.
Meanwhile, on Friday, CNBC Woke up again A description of the second quarter of Tesla’s 2022 -earning filing, which revealed that the company had converted about 75% of its bitcoin into a fiat currency during the quarter.
David Faber, a “road” co-host, on Friday morning with bitcoin, about $ 118,000, estimated Tesla held its full bitcoin holdings, its BTC holdings will now be priced more than $ 5 billion – which is four times more than its reported evaluation of $ 1.25 billion as per the recent quarter.
Of course, this is the same criticism that the German government has been targeted to sell its bitcoin holdings very quickly.
In June and July 2024, German authorities liquid about 50,000 BTC seized from a film piracy case, which was a network of about $ 2.9 billion at an average price around $ 57,900 per coin. At that time, the authorities justified the move, citing legal obligations to avoid possible losses in value and quickly liquid the seized property.
However, in this strategy, this strategy has come into fire as the price of bitcoin has increased in the next year. On May 19, Crypto Market Intelligence platform Arkham noted The same coins on X were priced more than $ 5.24 billion to them, meaning that it missed more than $ 2.35 billion in a possible profit. Critics argue that sales not only left a fortune on the table, but also contributed to short -term price pressure on the entire bitcoin market.
Technical analysis highlights
- According to the technical analysis data model of Coindesk Research, on July 26 at 14:00 UTC during the 23-hour session, Digital Asset ralled more than 3%, carried out $ 114,937 and $ 3,300 trading range between $ 114,937 and $ 118,237.
- The support remains firm in $ 117,140- $ 117,330, while resistance seems to be consolidated below the range of $ 118,200.
- The last hour of trading saw a slight profit of 0.07% as BTC climbed from $ 118,095 to $ 118,183, suggested to buy interest just below psychological resistance with tight-range consolidation.
Disclaimer: Some parts of this article were generated with assistance from the AI tool and reviewed by our editorial team to ensure accuracy and adherence. Our standard. See for more information Coindesk’s full AI policy.
