Bitcoin Stuns with Massive Weekly Candle

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As a seasoned crypto investor with years of experience in this volatile market, I have seen Bitcoin’s price action fluctuate wildly numerous times. However, the recent surge above $68,000 is particularly noteworthy. The 12% weekly gain is impressive and has left me feeling bullish about the future of Bitcoin.

Bitcoin, the largest cryptocurrency, has managed to score a weekly close above the $68,000 level. 

The largest cryptocurrency managed to surge more than 12% within a single week. 

It is currently trading at $67,804, according to CoinGecko data. 

As a crypto investor, I’ve noticed an uptrend in the value of the leading cryptocurrency after the June inflation data was released. This data had fueled optimism among investors about potential rate cuts throughout the year. However, Federal Reserve Bank of San Francisco President Mary Daly recently shared that the central bank has not yet reached its target, despite encouraging economic data.

The surge in interest from investors purchasing Bitcoin ETFs has significantly contributed to the growth of cryptocurrencies, with these investment products reaching over $17 billion in net inflows so far this year.

According to Julio Moreno, the head of research at CryptoQuant, there might be an initial signs of expansion in the growth rate. Keep a close eye on this trend for the upcoming weeks.

Josh Olszewicz, a well-known figure in cryptocurrency trading, has remarked that Bitcoin still holds significant potential for growth following its successful navigation below the present channel’s support level.

As a crypto investor, I’m observing the current market situation and following the analysis of pseudonymous trader Rekt Capital. According to his perspective, the market is in the process of consolidating within the post-halving re-accumulation range. The resistance level for this range is marked at $71,500.

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2024-07-22 08:46