Bitcoin‘s price surged past the $60,000 mark in the third week of July, sparking renewed interest among traders. Following geopolitical events over the weekend, the leading cryptocurrency saw a 10% gain since July 12. However, there remains a risk that the bullish momentum might falter, potentially due to manipulative market entities or a lack of consistent demand. The upcoming Wall Street trading sessions will be crucial in determining whether this upward trend will sustain.
What’s Happening with Bitcoin?
For Bitcoin bulls, surpassing $60,000 wasn’t the end. The BTC/USD pair continued to climb, gaining an additional 3.5% after the weekly close. According to the latest data from TradingView, Bitcoin reached an impressive $60,800, approaching the significant $63,000 mark once again.
Investors welcomed this rise with significant relief, as it reinforced both the $60,000 level and nearby key thresholds. Popular investor Roman noted on X that Bitcoin has returned to the $60,000 – $72,000 range, indicating the end of a correction phase last seen at the $25,000 level. Although acknowledging that a continued rally might be challenging, Roman pointed to extremely oversold Relative Strength Index (RSI) signals as a positive indicator.
What is the Impact on Futures Markets?
Short positions faced pressure overnight, leading to liquidations that harmed short traders. Blockchain data analysis source CoinGlass reported that, within 24 hours, these liquidations amounted to a total of $93.5 million. Additionally, a general liquidity cloud centered around $63,500 was observed.
Some long-time market watchers, however, found reasons for optimism. Checkmate, the creator of the analytical platform Checkonchain, noted that Bitcoin absorbed selling pressure from entities including the German government, handling 50,000 Bitcoin market sales within a few weeks. This structured and orderly correction led to a 25% drop, contrasting the previous LUNA team’s sale of 80,000 Bitcoin, which caused prices to fall from $46,000 to $25,000, and then to $17,000.
Key Takeaways
• Bitcoin’s price climbed over $60,000, showing a significant 10% gain since mid-July.
• The BTC/USD pair continued its upward trend with an additional 3.5% increase after the weekly close.
• Investor sentiment remains cautiously optimistic, supported by positive RSI signals.
• Short positions faced significant liquidations, totaling $93.5 million within 24 hours.
• Bitcoin exhibited resilience by absorbing substantial market sales from large entities.
The market’s next movements will be closely watched, as Wall Street trading sessions could either reinforce or challenge Bitcoin’s recent gains.