Bitcoin has surged back to the $63,000 level, marking a two-week high and suggesting a potential break in the previous downtrend. On-chain analytics platform CryptoQuant has attributed this move to “U.S. whales” increasing their institutional Bitcoin purchases. Analysts have noted a shift in the Coinbase premium gap, indicating a change in trend among U.S. investors towards buying rather than selling.
While the recent rebound in Bitcoin’s price is a positive development, analysts caution that it is only a partial recovery from previous losses. However, the weekend rally has raised expectations of further inflows into spot Bitcoin ETFs during the weekdays. With over a billion dollars flowing into American spot Bitcoin ETFs last week, there is optimism about a potential upward momentum in the market.
The recent market activity is seen as a period of recovery following a prolonged pullback, providing a psychological boost to market participants. Analyst ‘Rekt Capital’ has noted the break in the downtrend as Bitcoin surpassed $61,500 and aimed to reclaim its post-halving reaccumulation range. Global uncertainty, such as the recent assassination attempt on Trump, has created an “ideal climate” for Bitcoin to continue its upward trajectory.
With Bitcoin reclaiming $63,000 on July 15, the next major resistance level is seen around $65,000, last breached on June 20. The current trading price of just over $63,000 reflects a 4.7% gain in the past 24 hours. Total market capitalization has also increased by over $100 billion, driven by the rare weekend trading activity and influenced by external events like the Donald Trump assassination attempt.
Overall, the recent surge in Bitcoin’s price to $63,000 indicates a potential shift in market sentiment and investor behavior. While there are positive signs of recovery and upward momentum, it is essential to monitor market trends closely and consider external factors that may impact the cryptocurrency market in the future.
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