Bitcoin has surged back to the $63,000 level, reaching a two-week high in early trading on Monday, July 15. Analysts have pointed out that this increase may indicate a break in the recent downtrend. According to on-chain analytics platform CryptoQuant, the move has been primarily driven by “U.S. whales” as institutional Bitcoin purchases have started to rise once again. The Coinbase premium gap, which showcases the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair), has been a key indicator in determining the shift in trend. High premium values in this gap could suggest strong buying pressure from investors in the United States.
While the rebound in Bitcoin’s price has helped to offset some of the recent decline, analysts believe that there is still room for more upward momentum. The influx of more than a billion dollars into spot Bitcoin ETFs in America last week has sparked optimism about the potential for additional funds to flow into the market. As retail trading remains subdued, there is a sense that Bitcoin is poised for a period of recovery following a prolonged pullback. The recent rebound also indicates a psychological shift among market participants who have endured fear and frustration during the adjustment period.
Market analyst ‘Rekt Capital’ has observed that the downtrend was broken when Bitcoin surpassed $61,500, signaling a potential reclamation of the post-halving reaccumulation range. Another analyst, Michaël van de Poppe, highlighted the growing global uncertainty following an attempted assassination on Trump, suggesting that this instability could create an ideal climate for Bitcoin to continue its upward trajectory. With Bitcoin surpassing $63,000 on July 15, the next major resistance level is expected to be around the $65,000 price zone.
In rare weekend trading activity, total market capitalization has surged by over $100 billion, largely influenced by the news of the Donald Trump assassination attempt. This unexpected event has added additional volatility to the market, contributing to the bullish sentiments surrounding Bitcoin. As the cryptocurrency continues to gain traction and investor interest, there is a growing sense of optimism about its future price movements.
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