Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near?

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As a seasoned crypto investor with years of experience navigating volatile markets, I’ve seen my fair share of price swings and market news that moved the needle for Bitcoin and altcoins. The recent surge in prices over the weekend, fueled by the news about former US President Trump and the subsequent rally above $63,000 for Bitcoin, is a familiar sight for me.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing development over the weekend. Prices made a notable comeback, fueled by news that surfaced regarding a attempted assassination attempt on former US President Donald Trump. Bitcoin in particular, bounced back above the significant $60,000 mark and further rallied to reach above $63,000 on Monday.

As a researcher studying the cryptocurrency market, I’ve observed an uplifting trend among altcoins such as Ethereum, Solana, and Cardano in conjunction with Bitcoin’s surge. Based on CoinGecko data, Ethereum experienced a 5.4% growth to reach $3,372, Solana gained 5.6% to hit $153, while Cardano saw a more subtle increase of 2.7%, touching $0.44. These developments reaffirm the optimistic outlook for the second half of the year.

Bitcoin AUM Records $1.35B In Inflows

The most recent CoinShares report on managed assets showed a substantial increase in weekly investments totaling $1.44 billion. This brings the total year-to-date inflows up to an impressive $17.8 billion.

Bitcoin-linked investments, such as Bitcoin ETFs, brought in approximately $1.35 billion during the past week, making it the fifth largest weekly inflow for Bitcoin. Meanwhile, there were significant outflows of $8.6 million from short-Bitcoin positions in the same timeframe, which marks the largest weekly outflows since April. The current assets under management (AUM) for Bitcoin is valued at $65.3 billion, while the total accumulated AUM amounts to $84.7 billion.

Bitcoin price chart | Tradingview

According to the data from SoSoValue, Bitcoin ETFs recorded approximately $310 million in total inflows on July 12. Among these, BlackRock’s IBIT and Fidelity’s FBTC were the top performers, attracting daily net inflows of around $120 million and $115 million respectively.

Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near?

The $23 million increase in investments into Grayscale’s GBTC is impressive and may indicate decreasing pressure to sell. If investment flows persist this week, Bitcoin’s price could gain strength and potentially reach a breakthrough of $70,000.

What’s Next As Bitcoin Price Rises Above $63,000

As an analyst, I’ve observed that Bitcoin’s price surpassed the $63,000 mark during US trading hours on Monday, reaching a high of $63,038. This upward momentum suggests a growing trend, indicating a potential closing of the gap towards the $70,000 threshold.

To affirm the continuation of Bitcoin’s uptrend, it must secure a foothold above $63,000 and ideally end the day with a closing price above this mark.

Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near?

Multiple signs point towards a bullish outlook for Bitcoin reaching $70,000, supported by three key Exponential Moving Averages (EMAs): the 20-day, 50-day, and 200-day.

As a market analyst, if Bitcoin (BTC) were to reverse below $63,000, I would identify the 50-day moving average as the first potential support level, located at approximately $62,324. Other significant levels include the 20-day exponential moving average at around $60,088 and the 200-day simple moving average at roughly $58,255.

Traders can capitalize on the buy opportunity signaled by the Moving Average Convergence Divergence (MACD) indicator’s recent confirmation. As the MACD line maintains its position above the signal line during the upward trend, Bitcoin price forecast suggests a robust uptrend continuation, particularly beyond the $64,000 immediate resistance level.

Reaching a price of $64,000 or more might trigger fear of missing out (FOMO) among investors, leading them to purchase additional Bitcoin in expectation of further price increases towards new record highs. The predicted bull market between 2024 and 2025 could propel Bitcoin’s value beyond $100,000.

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2024-07-15 19:37