Bitcoin soared to $66,000 on July 17, achieving a four-week peak as aggressive buying bolstered the cryptocurrency. TradingView data confirmed that Bitcoin’s valuation hit $66,129 on centralized platforms following the latest daily close. Overcoming the selling pressure linked to the bankrupt crypto exchange Mt. Gox, BTC/USD pair surged by up to 15% since beginning its uptrend on July 12.
What’s Happening on the Bitcoin Front?
Prominent investor Daan Crypto Trades illustrated the scenario in his recent X post with a detailed chart. He noted that progressing the green zone is crucial. Should this succeed, he expressed confidence in Bitcoin’s potential to regain upward momentum and surpass the current range by the end of summer.
CoinGlass data supported this optimism, revealing that resistance in exchange order books did not deter the upward movement. Other influential investors reacted positively as well. However, resistance at all-time highs and increasing open interest posed unique challenges.
Important Statements from Analysts
Credible Crypto highlighted in his latest X analysis that approximately 1,500 Bitcoins are above the current price, with demand nearing 70,000 on Binance. He emphasized that more substantial buyer participation is essential to push the market higher, stating the need for significant buyer bids to navigate this period.
Meanwhile, trader Skew anticipated that limiting buyers during declines would help sustain recent gains. He commented on the Binance spot order book behavior, noting that rising limit bids aligned with the price, a positive sign in the early stages of an uptrend.
Actionable Insights
• Focus on the green zone as a critical indicator of future movements.
• Monitor CoinGlass data for resistance levels that might impact trading decisions.
• Watch for substantial buyer bids to gauge market strength.
Charles Edwards, founder of Capriole Investments, mentioned that around 65% of Mt. Gox funds have already been released without causing a significant sell-off, further supporting a bullish outlook for Bitcoin’s price.