The recovery in the prices of crypto tokens has continued into the weekend, leading to a BTC price surge to above $67,000.
Since July 19, the crypto market has witnessed a significant upswing, with Bitcoin leading the charge. This BTC price surge has seen the token climb above $67,000, a price point not seen for over a month. This impressive performance by Bitcoin is not happening in isolation – the broader crypto market is also experiencing a period of positive momentum.
For instance, prices of crypto tokens have traded on the upper circuit for around a week. ETH has hit $3,500 on the back of the likely ETFs. Other crypto tokens like SOL, AVAX, DOT, and LINK have also posted 24-hour positive returns.
The increasing institutional adoption of Bitcoin continues to be a positive force. Major financial institutions like asset management firms are showing growing interest in BTC, perceiving it as a valuable addition to their portfolios. This inflow of institutional capital provides greater stability to the market and reinforces investor confidence.
Whether the current upswing can be sustained depends on various factors like future central bank actions, global economic conditions, and other catalysts. Most crypto analysts are currently holding bullish outlooks, revising BTC’s price targets above $70,000. At the present rate of the upswing, the target could be achieved in the upcoming week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,000 on July 21, 2024, with BTC/USD trading higher by a margin of around 0.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,600), as BTC’s 24-hour volume was at approximately $17billion. The global crypto market cap increased by around 0.7%, trading above $2.4 trillion. BTC’s year-to-date returns are above 59%.
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