Bitcoin's Back: Is the Bull Run Fired Up Again?

The comeback everyone was waiting for... Is the correction over and are we headed for new all-time highs?

Bitcoin (BTC) just had a major bounce, climbing past the previous day's high and reversing a six-day slump. BTC jumped 1.65% and was trading at $114,401 USDT as of this report. This move solidifies the short-term uptrend that the top crypto has been riding since April 7. The price is now hugging a key trend line, and if it keeps moving up, we could see the rally kick back into high gear.

Bitcoin price rebounds near the uptrend line. / TradingView

The Bounce Is a Big Deal

After a correction that started on July 14, following an all-time high of $123,218 USDT, the price of BTC found a new support level at $112,003 USDT. This rebound is particularly important because it happened right near that long-standing uptrend line. This is a critical moment for traders and investors—if we see more gains in the coming days, it could be a sign that the bull market is ready for its next leg up.

ETFs and the Mystery of Capital Outflows

The recent price dip coincided with a net outflow of cash from spot Bitcoin ETFs. Last Thursday and Friday, these funds saw $114 million and $812.3 million pulled out, respectively. Friday’s outflow was the biggest since February 25 of this year. While that might sound alarming, experts believe this is likely just profit-taking. Investors who bought in at lower prices are cashing out to lock in their gains.

Long-Term Demand Is Strong

Despite the ETF outflows, on-chain data from centralized exchanges tells a different story. Investors are still pulling their BTC off exchanges and moving it to their own self-custody wallets. On July 30, the total amount of Bitcoin on these exchanges hit a one-year low of 2.09 million BTC, a sharp drop from the 2.70 million BTC held there a year ago. According to Coinglass data, a total of 27,688.51 BTC was withdrawn from these platforms in the last 30 days. This trend shows that long-term investors have strong conviction and want to maintain full control of their assets.

The Bottom Line

Bitcoin’s rebound at a crucial trend line is a very positive sign. If long-term investors keep buying and holding, the rally could restart in earnest, putting the recent correction behind us and pushing the price back toward its all-time high.

Disclaimer: This article is for informational purposes only and is not financial advice. Investing in cryptocurrencies carries risks. Always do your own research before making any investment decisions.