Bitcoin hit $66,000 on July 17, as sustained bids pushed the bull market to a new four-week high.
BTC price rises 15% in a week
According to data from Cointelegraph Markets Pro and TradingView, the Bitcoin (BTC) price has reached $66,129 since Bitstamp’s latest daily close.
Shaking off selling pressure caused by the movement of coins linked to the closed exchange Mt. Gox, BTC/USD bounced back, posting gains of up to 15% when measured from the start of the uptrend on July 12.
Popular trader Daan Crypto Trades summed it up in his latest post on X (formerly Twitter) with an explanatory chart: “That’s fast.”
“Maintaining the green zone going forward will be key, but if we do that, we are back on an upward trajectory and I am confident we will break this range before the end of summer.”
According to the latest data from monitoring firm CoinGlass, exchange order book resistance does not appear to be a hindrance to the upward trajectory.
Other popular traders were equally impressed as they reacted. However, the resistance that was getting closer to the all-time high was of a different kind, with open contracts increasing.
“In total, there were buy requests of around 1.5k BTC (100M) on Binance, with a peak of ~70k,” Credible Crypto wrote in a recent X analysis.
Credible Crypto added that buyers still need to intervene in the market for the price to go much higher.
“The current bid depth on the books is twice as deep as the bid depth. It will take a significant bid depth to overcome this,” he concluded.
Meanwhile, fellow trader Skew said he expects “stop buying on dips” to characterize the short-term price action going forward, which will once again help sustain the uptrend this week.
“So far we are seeing limit bids moving up with price, which is what you want to see in an early uptrend,” he admitted of Binance spot order book behavior on X.
Bitcoin ETFs, leaving behind the days of negative flows
The rise in BTC prices has led to increased fund flows into US spot Bitcoin exchange-traded funds (ETFs).
Related: BlackRock’s IBIT Raises $260 Million as Bitcoin ETF Sees 8th Day of Inflows
Sources including UK investment firm Farside Investors confirmed net inflows of $422 million on July 16, making it one of the largest single-day cumulative totals since its launch in January.
“Bitcoin ETFs are in ‘two steps forward’ mode after a one-step back in June,” Bloomberg ETF analyst Eric Balchunas said at the time. “They added $300 million yesterday and $1 billion this week.”
“YTD net total (the biggest number of all) has just passed +$16b for the first time. Estimates for the first 12 months were $12-15b, so with 6 months left, we’ve already cleared it.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.