Only days after bears had increased selling pressures in the market, the BTC price recovery has reclaimed the bullish sentiments, putting a crypto market rally back on track.
After a sharp decline at the beginning of this month, Bitcoin seems to have put it well behind it. Embracing bullish trends, the BTC price recovery stands at the center of the crypto market’s focus. Moreover, this path towards recovery could well extend for weeks, creating a possible crypto market rally. Sell-offs from all major investors are over, and no key bearish catalyst could be in sight.
After reclaiming the zone above $60,000, BTC has set off other tokens on an upward trajectory as well. ETH is going closer to $3,500 and has rallied by over 15% in a week. Other gainers of the last 24 hours include SOL, ADA, AVAX, SHIB, LINK, and many more. Besides, the broader crypto market is in the green, which is an excellent signal for the week ahead.
Amidst possibilities of a rate cut in the US this year, analysts have made a bullish forecast for crypto. With equity markets climbing in the US, general investor sentiments are on a high. At this juncture, the BTC price recovery has occurred at an opportune time for bulls.
Meanwhile, factors like the spot ether ETFs and the spot ETF inflows may continue to influence the crypto market rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $62,000 on July 15, 2024, with BTC/USD trading higher by a margin of 4.65% in the last 24 hours. Bitcoin’s market cap was trading at around $1.23 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (60,559.56), as BTC’s 24-hour volume was at around $25.7 billion. The global crypto market cap increased by around 3.03%, trading above $2.21 trillion. BTC’s year-to-date returns are at 49.77%.
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