Bitcoin Surges to $62,000, Reigniting Bullish Momentum Amidst Market Rebound

Bitcoin (BTC) has recovered 27% to $62k after a 19% drop earlier in the week, but on-chain data suggests a bearish outlook may persist. Negative funding rates and a high percentage of Bitcoin UTXOs in loss indicate a broader downtrend could continue. Meanwhile, Metaplanet secured a ¥1 billion loan at a 0.1% APR to fund additional Bitcoin purchases, reflecting a strategy similar to MicroStrategy's BTC accumulation.

In contrast, Ethereum (ETH) has surged nearly 10% to $2,580, driven by buyers absorbing sell pressure from capitulated whales and Jump Crypto. Despite Ethereum ETFs seeing $23.7 million in outflows, technical indicators suggest ETH is staging a bullish reversal. Key support at $2,300 has been defended, and if ETH breaks resistance at $2,723, it could aim for $3,368. However, a close below $2,000 could invalidate the bullish outlook.

Toncoin (TON) also saw significant gains, up 11.8% to $6.07 after Binance announced its listing, contributing to a potential market recovery from recent sell-offs. The broader crypto market hovers around $2 trillion, showing signs of base formation and potential upside momentum.

Smart Money Indicators

A pretty neutral position from big institutions on bitcoin. We see an over all decrease in net positions/open interest. Which we can account the drop on Monday for. This was expected weeks in advance for the new moon. & with the heavy bullish price action we're getting we expect the next major sell off to occur September 2nd.

Retail is certainly benefiting from this upside. Curious to see if we sell off from here & how far we go, liquidating long positions before continuing going up.

We still see extreme opposite sides of over all positioning looking at non commercial vs retail positioning.

From our price forecaster, we can see 62k was predicted to happen tomorrow with downside following after.

According to our seasonality scanner we can expect higher prices going into next week.

Technical Analysis

Looking at the monthly, we see bullish SMT with xrp failing to make a swing low while sister assets did, signaling a bottom for the month. https://www.tradingview.com/x/4boSlHZY/

Looking at the weekly, we see btc reacted off a bullish breaker blocker. https://www.tradingview.com/x/WVAgUtoZ/

Looking at the daily, we see bearish SMT with xrp failing to make a new swing high while sister assets did. We're in a daily bearish breaker block where you can see price is dropping from. We marked a daily fair value gap where we expect price to at least retrace to before continuing to go up. https://www.tradingview.com/x/HXNTnYLj/