The current crypto data indicators have been the best in the last few weeks, leading to a big surge in the crypto market, with Bitcoin breaching $65,000.
Bitcoin has already reclaimed its trading levels above $65,000 only a few days after it crossed $60,000. If this momentum holds, the $71,000 target for BTC is not far. Meanwhile, the current crypto data indicators do not tilt towards any dip. Most tokens haven’t yet shifted to the ‘overbought’ zone and still hold bullish sentiments.
Ethereum also continues to rise steadily, set to cross $3,500 in a short while. The news of the spot ether ETFs has helped its price rise recently. Moreover, crypto bulls have been active in several major tokens in an accumulating spree. During this period, Bitcoin’s volatility has risen, but it has also benefited from an uptrend.
However, bulls have to hold Bitcoin’s current trading zone to maintain the upward trajectory. Any slippages at this juncture could trigger sell-offs. Any selling activity from institutional buyers may not be possible as well, which could’ve triggered the rally.
In the next few days, BTC might attempt to consolidate in the zone between $65,000 and $71,000, like it had done a month ago. If it successfully does it, it could go beyond its resistance at $70,000. That may lead to a longer upward move to higher levels.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,300 on July 17, 2024, with BTC/USD trading higher by a margin of around 3% in the last 24 hours. Bitcoin’s market cap was trading at around $1.29 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 $39 billion. The global crypto market cap increased by around 2.22%, trading above $2.3 trillion. BTC’s year-to-date returns are at above 55.7%.
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