Originally published on: July 17, 2024
Bitcoin broke through the $66,000 mark on July 17, showcasing a strong uptrend that propelled the digital asset to four-week highs amidst bullish momentum. Analysts tracked the price surge, with data from platforms like Cointelegraph Markets Pro and TradingView confirming that Bitcoin hit $66,129 on Bitstamp following the latest daily close.
Sustained Bidding and Bullish Sentiment
The sustained bidding activity helped Bitcoin shake off sell-side pressure linked to movements of coins associated with the defunct exchange Mt. Gox. Since the commencement of the uptrend on July 12, BTC/USD has seen gains of up to 15%, catching the attention of traders and experts in the crypto community.
Impressive Market Performance and Resistance Levels
Despite facing resistance on exchange order books, Bitcoin’s upward trajectory remained unhindered, as indicated by the latest data from CoinGlass. Traders, including well-known figures like Daan Crypto Trades, expressed amazement at the bullish movement, with some noting the significant resistance at all-time highs and rising open interest levels.
Market Dynamics and Future Outlook
Credible Crypto pointed out that there are approximately 1.5k BTC (equivalent to $100M) of asks hovering near the $70,000 mark on Binance. This signifies a considerable obstacle that buyers would need to overcome in order to drive the market to even higher levels. With more substantial ask depth compared to bid depth, significant taker bids are required to break through the resistance.
Short-term Price Action and Investor Sentiment
Traders like Skew anticipate a trend where limit buyers step in during price dips, indicating a positive outlook for preserving gains in the near term. Observations on the behavior of Binance’s spot order book suggest that limit bids are aligning with price movements, a promising sign for an early uptrend.
Growing Interest in Bitcoin ETFs
In addition to the bullish market sentiment surrounding Bitcoin, there has been a surge in flows for United States spot Bitcoin exchange-traded funds (ETFs). Recent data from sources like Farside Investors revealed net inflows of $422 million on July 16, marking one of the highest single-day tallies since the ETFs launched in January. This trend has caught the attention of analysts like Eric Balchunas from Bloomberg, who commented on the positive momentum of Bitcoin ETFs.
Disclaimer: This article does not offer investment advice. Readers are encouraged to conduct their own research before making any investment decisions.
