Bitcoin has made a significant move, reaching the $63,000 level early on Monday, July 15th. This surge to a two-week high has led some analysts to believe that the downtrend has been broken. On-chain analytics platform CryptoQuant has pointed out that this recent increase has been primarily driven by “U.S. whales” as institutional Bitcoin purchases begin to rise once again. By examining the Coinbase premium gap, analysts have noticed a shift in trend among U.S. whales from selling to buying. The Coinbase premium gap, which reflects the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair), can provide insights into investor sentiment, with high premiums indicating strong buying pressure from the U.S. market.
Although the recent rebound in Bitcoin’s price may only be a slight compensation for the previous decline, the fact that it occurred over the weekend suggests that more funds could flow into spot Bitcoin ETFs during the weekdays. In the U.S. alone, over a billion dollars poured into spot Bitcoin ETFs last week, signaling institutional interest in the digital asset. However, retail trading activity remained subdued, indicating that the market may be in a period of recovery following a prolonged pullback. From a psychological standpoint, the current market conditions seem favorable for a Bitcoin rebound, as investors have already weathered through fear and frustration during the adjustment period.
Market analyst ‘Rekt Capital’ highlighted that the downtrend was broken when Bitcoin surpassed $61,500, suggesting a potential reclamation of the post-halving reaccumulation range. Another analyst, Michaël van de Poppe, mentioned that global uncertainty was on the rise following an assassination attempt on Trump, creating an “ideal climate” for Bitcoin to see consistent upward movement. With Bitcoin reclaiming $63,000 on July 15th, the next significant level of resistance lies at around the $65,000 price zone, a level that has not been breached since June 20th. As of the current writing, Bitcoin is trading just over $63,000, marking a 4.7% gain in the past 24 hours. The total market capitalization has also surged by over $100 billion, driven in part by the recent news of the Donald Trump assassination attempt.
The recent surge in Bitcoin’s price, driven by institutional investors and a changing market sentiment, indicates a potential shift in the overall market dynamics. While uncertainties persist, the bullish momentum in Bitcoin could pave the way for further price appreciation in the coming weeks. Investors and analysts alike will continue to monitor market developments closely to gauge the sustainability of Bitcoin’s current upward trend.