Bitcoin held steady last week while altcoins tumbled, as the crypto market entered a holding pattern ahead of key macro and corporate catalysts.

Bitcoin range-bound ahead of Fed rate decision, tech earnings, and ETF data

BONK appears poised for a decisive breakout backed by a massive token burn 
initiative and an uptick in smart money accumulation. According to data from 
crypto.news, Bonk (BONK) was trading at $0.000034 last check Monday morning, 
Asian time, up nearly…

BONK eyes a major rally this week as bullish signs emerge

INJ price is currently testing a key breakout level after surging above 
$15.50, with a potential 60% rally in sight as momentum builds ahead of 
Injective’s upcoming EVM mainnet launch. Injective (INJ) price is currently in 
the middle of a…

INJ price gears up for a potential 60% surge ahead of EVM mainnet launch

Metaplanet Inc. (Tokyo Stock Exchange: 3350 / OTCQX: MTPLF), a publicly listed 
bitcoin treasury company, has announced the acquisition of an additional 780 
bitcoin, bringing its total holdings to 17,132 BTC as part of its ongoing 
Bitcoin Treasury Operations. The latest purchase was made at an average price 
of 17,520,454 yen (about $118,270) per bitcoin, […]

Metaplanet Acquires Additional 780 Bitcoin, Total Holdings Reach 17,132 BTC

After a tumultuous week, the Bitcoin price is starting to find its footing 
again, rising from major support around the $115,000 level. Currently, the 
pioneer cryptocurrency looks to be on the path of recovery and possibly moving 
toward new highs this week as momentum picks up. There is also the possibility 
of a coming short squeeze, as explained by crypto analyst Luca on X, using 
recent developments that show that the recent crash may have only been 
temporary. Bitcoin Shows Tendency To Cross $123,000 Again In an X post, Luca 
pointed to the Bitcoin market makers as the ones behind the recent price 
movements and that there was a reason for this. The initial move downward 
looked to be an attempt to flush out late longs as crypto traders tried to 
take advantage of the frenzy created by the new all-time highs. Related 
Reading: Ripple CEO Sounds Alarm: If You’re An XRP Investor, You Should See 
This Then a reversal moved into the works, catching shorters unaware and 
sweeping liquidity at support levels. This comes as bears were pulled into a 
false sense of security, believing that the price would continue to decline 
before being hit with the move back up above $118,000, triggering hundreds of 
millions of dollars in liquidations. All of this is happening at a time when 
things like the Bitcoin funding rate were falling. Coinglass data shows the 
Bitcoin OI-Weighted Funding Rate had fallen briefly below 0.01% on Sunday 
after reaching as high as 0.0167% earlier in the week on July 23. Luca further 
revealed that the Bitcoin Premium metric had also fallen back into the 
negative. Another interesting fact was the fact that the open interest had 
shot up when the Bitcoin price had declined. Then, once the price began to 
recover, the open interest began to rise once again, and Luca interprets this 
as short positions starting to get squeezed. If this squeeze continues, then 
the Bitcoin price could spike very quickly, taking out tens of thousands of 
short positions with it. Related Reading: Bitcoin Eyes Bounce off This Support 
Level In Reversal Campaign For $121,000 BTC Open Interest Tells A Story Of 
Exposure As the Bitcoin price has bounced between $115,000 and $120,000, the 
BTC open interest has barreled upwards in response. In fact, this metric sits 
at all-time high levels, shaking off the market uncertainty as crypto traders 
continue to open positions to bet on Bitcoin’s next move. The open interest 
had touched $87.89 billion back on July 15, and since then, it has averaged 
above $80 billion every day. Amid this, the Binance Long/Short ratio shows 
that shorters are currently dominating at 53.97% compared to 46.03% for long 
accounts. This lends credence to Luca’s expectations that the market could see 
a short squeeze to take out shorters and push the price to new all-time highs. 
Featured image from Dall.E, chart from TradingView.com

Bitcoin Short Squeeze Incoming As Market Makers Set Trap To Go Above $123,000

A group of Senate Democrats has probed Federal Housing Finance Agency director 
William Pulte over his order to propose how to consider crypto in mortgage 
applications.