Bitcoin has surged past the $65,000 mark, demonstrating resilience despite significant sell-off events. The cryptocurrency’s recovery continues, even with the recent movement of 91,755 BTC (worth $5.8 billion) from Mt. Gox, indicating strong bullish momentum in the market.
According to CoinSwitch Markets Desk, spot Bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million added just this week. Major funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have seen steady investments, reflecting robust investor demand for regulated Bitcoin exposure. CoinDCX Market Movement highlights the overall rise in the crypto market, with BTC crossing $65,000 and ETH reaching $3,500. For Bitcoin to maintain its bullish momentum, it must stay above $60,000 and overcome the $68,000 hurdle. ETH needs to break through $3,650 and hold above $3,350. Volatility has increased and is expected to remain high this week.
The top performer of the day is Worldcoin’s WLD token, which saw a 20 percent increase, ending its prolonged bearish trend.
Edul Patel, CEO of Mudrex, notes Bitcoin’s continued upward trajectory, currently trading around $65,000. With lifetime net inflows into US spot Bitcoin ETFs surpassing $16 billion on Monday, market bulls are now aiming for $71,500. A move above the $66,500 resistance could trigger further bullish momentum, with the next key resistance at $67,200 and support at $64,250. Rajagopal Menon, VP of WazirX, describes Bitcoin’s stellar rally, surging over 15 percent and surpassing the crucial $65,000 resistance. Analysts are watching the $66,500 level as the first major hurdle. The hourly RSI indicates strong buying pressure, while trading volume for XRP has also surged, suggesting a potential breakout as it converts key resistance levels into support.
Nischal Shetty, Co-Founder of Shardeum, notes that Bitcoin remains strong despite large sell-offs, including those by the German government. The Mt. Gox settlements, though significant, are not expected to cause a mass sell-off. This liquidity has boosted market confidence, showcasing Bitcoin’s maturity and resilience.
Avinash Shekhar, Co-Founder & CEO of Pi42, points out that Bitcoin has reached a four-week high above $65,800, despite headwinds like the Mt. Gox repayments. Altcoins like XRP and Near Protocol are leading the market’s positive trend. Historically, July outperforms June for Bitcoin, and this year is no exception. Bitcoin’s resilience amid large sell-offs and market fluctuations indicates a maturing market with strong investor confidence. As altcoins also show strong performance, the overall crypto market sentiment remains optimistic. Investors are closely watching key resistance and support levels to gauge future movements.
*Disclaimer: The information provided does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Please conduct your own due diligence and consult your financial advisor before making any investment decisions.*
