Bitcoin has surpassed $63,000, with data indicating that the rally is set to endure for an extended period, according to Matrixport
Last Updated on July 15, 2024 by Michael Motha
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.
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.
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.
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.
Michael Motha is the Founder and Managing Director of CryptoNewsOnlineHub and works as a freelance Project Head. A crypto enthusiast and researcher, he focuses on blockchain trends, digital assets, and emerging crypto technologies. With an educational background in Physics, an MBA, and a B.Ed from Loyola College, Chennai, he aims to make complex crypto topics clear and accessible through insightful content.
