Bitcoin has recently surged back to the $63,000 level, marking a two-week high and leading analysts to believe that the downtrend has been broken. According to on-chain analytics platform CryptoQuant, this resurgence has been largely driven by “U.S. whales,” indicating an increase in institutional Bitcoin purchases. The analysis of the Coinbase premium gap has also played a role in determining the shift in trends.
Despite the rebound in Bitcoin prices, analysts caution that it is only a slight compensation for the previous decline. However, the fact that the surge occurred over the weekend suggests that additional funds may flow into spot Bitcoin ETFs during the weekdays, potentially leading to further upward momentum. Last week, over a billion dollars flowed into spot Bitcoin ETFs in the United States, signaling a period of market recovery following a prolonged pullback.
Market analyst ‘Rekt Capital’ noted that the downtrend was broken when Bitcoin surpassed $61,500, indicating a potential reclamation of the post-halving reaccumulation range. Fellow analyst Michaël van de Poppe highlighted the growing global uncertainty following an assassination attempt on Trump, suggesting that such an environment could favor Bitcoin’s consistent upward movement.
With Bitcoin reclaiming $63,000 and eyeing the $65,000 price zone, analysts are now looking towards the next level of resistance. This level, last breached on June 20, could prove to be a significant milestone for Bitcoin’s price movement. At the time of writing, Bitcoin was trading just above $63,000, showing a 4.7% gain over the past 24 hours. The total market capitalization has also experienced a significant increase, surpassing $100 billion in rare weekend trading activity, partly influenced by the news of the attempted assassination of Donald Trump.
The recent surge in Bitcoin prices signifies a potential shift in market sentiment towards the digital asset. With increasing institutional interest and market recovery, Bitcoin may be poised for further upward momentum in the coming days. However, as with any investment, it is essential for traders to exercise caution and conduct thorough research before making any financial decisions.
Leave a Reply