Insights into Bitcoin’s Latest Rally from a Crypto Analyst

• Crypto analyst Miles attributes Bitcoin’s recent surge to rebound from $25,200 support.
• Bitcoin’s pullback linked to negative news surrounding Binance and its auditors.
• Miles anticipates altcoins like STX, ZEC, BCH could capitalize on Bitcoin trend.

Miles, the presenter of the Crypto Banter YouTube channel, has analyzed the recent bullish trend in Bitcoin. The esteemed cryptocurrency analyst utilized data from centralized exchanges and on-chain metrics to ascertain the factors contributing to the recent surge in the price of Bitcoin and other digital currencies.

Miles has stated that the recent surge in Bitcoin aligns with predictions made from technical indicators. He pointed out that the key factor was the rebound from the $25,200 support level set in June, coinciding with BlackRock’s announcement of their intention to apply for a Spot Bitcoin ETF. He further noted that Bitcoin has entered a new trading range between $25,000 and $27,000.

Miles utilized the open interest metric to uncover some covert actions of Bitcoin whales. Open interest measures the market’s Futures positioning for long and short positions. Miles noted Bitcoin’s highest single-day open interest value during the most recent surge. He believes this surge was due to insiders, likely some whales, positioning themselves for a market uptrend.

Bitcoin experienced a pullback from its surge during the latter half of Monday. Miles attributes this decline in price to the negative news surrounding Binance and its auditors. In his view, this news created substantial Fear, Uncertainty, and Doubt (FUD) among cryptocurrency users, who were concerned about the potential insolvency of Binance.

Bitcoin has recommenced its ascension, surpassing the peak value from Monday. The day began with Bitcoin valued at $26,766, which later escalated to $27,459 before settling at $27,163 at the time of documentation. This surge in the leading cryptocurrency’s value also influenced other cryptocurrencies, with several demonstrating potential for further increases.

Miles anticipates that certain altcoins such as Stacks , Zcash , and Bitcoin Cash could capitalize on the current Bitcoin trend. He views these as Bitcoin-associated investments that may provide increased returns over the short to medium term.