As a seasoned crypto investor with over five years of experience in the market, I have witnessed the ups and downs of Bitcoin price action. The recent surge in Bitcoin price to briefly touch $66K before retracing towards $65K is an exciting development that fills me with optimism for the coming weeks.
The price of Bitcoin (BTC) surged by over 4% within the last 24 hours, momentarily touching $66,000, before pulling back slightly to around $65,000 on Wednesday. This uptick allowed Bitcoin to reclaim significant support zones, ensuring a potential continuation of its bullish trend in the upcoming weeks.
Over the past several days, Bitcoin’s closing price in the daily market has surpassed both its 50-day and 200-day moving averages.
After recently surpassing the significant support level of $60,000 to $62,000, Bitcoin’s price may be preparing to challenge its record peak in the upcoming period.
As a seasoned crypto investor, I’ve observed that for Bitcoin to disprove any potential bearish trend, it needs to finish trading above the $67K mark on a regular basis. Moreover, I’d like to remind you that historically, Bitcoin’s price has shown weakness in August and has often bounced back by October.
Rising Bitcoin Demand from Institutional Investors
In the previous two weeks, Bitcoin’s price experienced a notable surge, primarily driven by increased institutional investor interest. Notably, as reported by Coinspeaker, the German government completed the sale of its $2 billion worth of Bitcoins over the weekend.
During this time, the Mt. Gox cryptocurrency refund has evolved into a “buy-the-news” situation. By the middle of the week, Mt.Gox, using Kraken as an intermediary exchange, had reimbursed approximately 13,000 creditors, which accounted for around 65% of those affected.
Already 65% of Mt Gox creditors have been repaid and price is up.
— Charles Edwards (@caprioleio) July 17, 2024
Based on recent market figures, US-listed Bitcoin ETFs collectively drew in approximately $422 million in new investments on Tuesday. The largest contributors to this influx were the iShares Bitcoin Trust (IBIT) from BlackRock with around $260 million, and Fidelity’s Bitcoin Trust (FBTC) with roughly $61 million.
Surprisingly, American Bitcoin spot ETF providers didn’t experience any net outflow of funds on Tuesday. Over the previous two weeks, these ETFs based in the US have drawn in close to $2 billion in new investments.
During the past Tuesday, data from the blockchain indicated that long-term Bitcoin investors purchased over 6500 Bitcoins. Concurrently, prominent Asian corporations, including Metaplanet Inc. from Japan and China AMC, have been contemplating Bitcoin as a shield against inflation and a form of financial security.
What Next?
As a researcher studying the cryptocurrency market, I’m excited to share that we’re likely to see a more optimistic perspective on crypto soon. The Securities and Exchange Commission (SEC) in the United States has given preliminary approval for three Ether Exchange-Traded Funds (ETFs), which are expected to start trading by Tuesday. Additionally, the anticipated interest rate cut by the Federal Reserve, scheduled around the upcoming general election, is another factor fueling this bullish sentiment.
In the smaller time frames for Bitcoin, it is currently moving between an upward-sloping parallel channel. Should the support at $65,200 remain firm, Bitcoin may experience a roughly 3% price rise, reaching towards $67,300.
— Ali (@ali_charts) July 17, 2024
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin’s price has been moving within an ascending trendline in the shorter timeframes over the past fortnight. Based on the analysis of Ali Martinez, a well-known figure in crypto circles, for a bullish trend to continue towards $67k, a significant support/resistance level, Bitcoin’s price must consistently close above the $65k mark.
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2024-07-17 13:43