Bitcoin, the primary and largest cryptocurrency by market capitalization, rose essentially the most in practically two months, reaching $63,000 following sturdy bullish momentum over the weekend. Bitcoin is about to mark its fourth consecutive day of positive factors after an prolonged rebound from final Friday’s lows of $56,538.
Bitcoin reached a file excessive of about $74,000 in mid-March, fueled by demand for launched U.S. exchange-traded funds. The coin then fell again amid reducing inflows and considerations over gross sales of seized tokens and the bankrupt Mt. Gox trade.
Bitcoin subsequently dipped to lows of $53,499 on July 5, ranges final seen in February, after a persistent sell-off. After days of consolidation, Bitcoin picked up a rebound and began rising.
From a technical perspective, Bitcoin’s latest worth improve has been aided by a serious breakout, with BTC surpassing the important thing stage on the 200-day Easy Transferring Common (SMA).
This technical breakout boosted bulls additional, propelling the value upward. In keeping with crypto analyst Ali Martinez, a decisive breakout previous this stage was obligatory for Bitcoin’s sustained bullish momentum.
In an earlier tweet, Ali predicted {that a} profitable break above the $59,200 resistance stage that coincided with the each day SMA 200 may propel BTC to $63,800.
On the time of writing, BTC was up 4.12% within the final 24 hours to $62,745 after hitting intraday highs of $63,293.
Crypto market rallies
Bitcoin’s worth bounce is a part of a broader rally on the cryptocurrency market. Different main cryptocurrencies have additionally seen substantial positive factors, contributing to bullish sentiment.
Bitcoin reclaimed the $62k help stage after a powerful weekend. Whereas resistance is robust above, sufficient bullish momentum can forestall promoting stress.
Can Bitcoin break the downtrend? pic.twitter.com/7WDP761uCJ
— IntoTheBlock (@intotheblock) July 15, 2024
In keeping with CoinGlass information, $125 million price have been liquidated within the final 24 hours, with a bigger chunk of this, $101.43 million, representing bearish bets from merchants hoping for crypto costs to go decrease.
Bitcoin accounted for practically half of this determine, with BTC shorts shedding $49.45 million in liquidations.
In keeping with on-chain analytics agency IntoTheBlock, whereas Bitcoin has reclaimed the $62,000 help stage, resistance stays sturdy above it; nonetheless, sufficient bullish momentum can forestall promoting stress.