The couple of days since July 12 have been extremely positive for overall crypto market trends, mainly led by Bitcoin’s resurgence and renewed strength.
The past weekend, starting July 12th, 2024, witnessed a significant surge in Bitcoin (BTC) prices, marking a positive shift in the crypto market trends. After a period of consolidation, Bitcoin broke through resistance levels and momentarily touched the $60,000 mark. This upward trend instilled a renewed sense of optimism amongst investors, signaling a potential bullish run in the coming days. Bitcoin’s resurgence could have also happened due to a few reasons.
First, the German government seems to have unloaded all its BTC holdings, according to reports. If this is true, BTC’s price may have bottomed out. As a result, investors may start reaccumulating it soon. This may trigger BTC’s rally in the upcoming weeks.
Second, retail investments in the crypto market have picked up again. This was evident from the inflows in the spot Bitcoin ETFs. The ETFs saw their highest inflows within a month on July 12, as it cumulatively hit $310 million.
Inflationary concerns and geopolitical issues might also have driven investors towards assets perceived as hedges against inflation. Bitcoin’s limited supply and historical performance as a store of value have garnered increased institutional interest. It has sealed its reputation as an alternative investment option.
While short-term volatility is to be expected, the underlying fundamentals supporting the crypto space remain strong.
BTC/USD 1D price chart
Bitcoin is currently trading at around $60,000 on July 14, 2024, with BTC/USD trading higher by a margin of 3.8% in the last 24 hours. Bitcoin’s market cap was trading at around $1.18 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (60,738.76), as BTC’s 24-hour volume was at around $19.8 billion. The global crypto market cap increased by around 3.03%, trading above $2.21 trillion. BTC’s year-to-date returns are at 36.92%.
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