After a dip since July 3, the crypto market trajectory has been on a path towards recovery, with Bitcoin going over $57,000 and other altcoins also taking the cue for a rally.
Despite the prevailing uncertain sentiments for the last few days, the weekend witnessed a recovery recently. Bitcoin managed to climb back above $57,000, leading to an upward crypto market trajectory. This uptick was accompanied by a similar bounce in the broader altcoin market. At this rate, Bitcoin’s recovery could well extend into the upcoming week as well.
A major reason for this uptrend could be the inflows in the spot Bitcoin ETFs. Official data notes how the ETFs saw around $143 million of inflows on July 6. Only one of the ETFs saw outflows on that day. Over time, flows in the ETFs have had a direct impact on BTC’s price. In the next few days as well, Bitcoin’s recovery could be determined by the ETFs.
On the other hand, analysts have maintained a bullish position on crypto even after the recent dip. The CEO of a prominent crypto analytics firm claimed that the recent sell-offs by big investors were just a small percentage of the pie.
He said, “$224B has flowed into this market since 2023. Government-seized BTC contributes about $9B to the realized cap.” Thus, the sell-offs are likely a minor blip in the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,200 on July 7, 2024, with BTC/USD trading higher by a margin of 1.16% in the last 24 hours. Bitcoin’s market cap was trading at around $1.13 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (63,281.19), as BTC’s 24-hour volume was at around $20.25 billion. The global crypto market cap increased by around 8.01%, trading above $2.09 trillion. BTC’s year-to-date returns are at 34.51%.
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