Bitcoin has surpassed $63,000, with data indicating that the rally is set to endure for an extended period, according to Matrixport
![Bitcoin, Matrixport](https://cryptonewsonlinehub.info/wp-content/uploads/2024/07/bitcoin-1024x576.jpg)
HIGHLIGHTS
- Bitcoin reaches $63,000 amid ongoing momentum following the attempted assassination of Donald Trump.
- Matrixport anticipates sustained Bitcoin buying activity over an extended period.
- The Coinbase premium gap suggests that US whales have shifted to a positive stance on Bitcoin following weeks of selling.
- Bitcoin’s price is forecasted to rally above $65,000.
Bitcoin has surged to $63,000 as upward momentum sweeps through both crypto and equity markets following the attempted assassination of Donald Trump. On-chain analysts and capital market experts predict this rally will endure for extended periods as whales, institutional investors, and retail investors re-enter the BTC market. Could a new all-time high be imminent?
Bitcoin Price Rally Continues
After closing the week above $60,000, Bitcoin’s price has rallied above $63,000, driven by robust spot and derivatives buying. Matrixport forecasts sustained BTC buying activity, suggesting decreased reliance on macroeconomic events. This outlook follows over $1 billion inflows into U.S. spot Bitcoin ETFs within a week, attributed to easing inflation concerns and a slowing U.S. labor market. Matrixport analysts noted a shift from initial institutional buying to less stop-loss sensitive retail investors.
On-Chain Data Signals Bullish Sentiment
According to CryptoQuant’s Coinbase premium gap data, U.S. whales have turned bullish on Bitcoin after weeks of selling. Concerns over a potential German government Bitcoin sell-off have subsided, and weekend rebounds indicate additional inflows into spot Bitcoin ETFs.
![](https://cryptonewsonlinehub.info/wp-content/uploads/2024/07/graph-1-1024x554.jpg)
Moreover, BTC derivatives markets show strong buying sentiment. Hourly futures markets reflect optimism for further crypto market recovery. Total BTC futures open interest has risen over 4% to $32.37 billion in the past 24 hours, with CME futures open interest also up over 4% to $9.28 billion.
![](https://cryptonewsonlinehub.info/wp-content/uploads/2024/07/graph-2-1024x576.jpg)
End of BTC Price Correction
Popular analyst Rekt Capital declared on July 15 that the bullish divergence has fully played out, with Bitcoin breaking above its 1.5-month downtrend. He anticipates Bitcoin preparing for a new phase of price action above $65,000.
![](https://cryptonewsonlinehub.info/wp-content/uploads/2024/07/graph-3-1024x723.jpg)
Currently trading at $62,836, Bitcoin has seen a 4% increase in the last 24 hours, with a trading volume up by 26%. The day’s low and high were recorded at $59,546 and $63,095 respectively, indicating heightened trader interest above the $60,000 mark.