Bitcoin Surges Past $63,000, Eyes $70,000 Amid Positive Market Trends

The news that the former President of the United States, Donald Trump, was the target of an attempted assassination caused the prices of cryptocurrencies on the market to recover over the weekend. After regaining its footing over the crucial $60,000 barrier, the price of Bitcoin resumed its ascent above $63,000 on Monday.

Alongside Bitcoin, key altcoins, including Ethereum, Solana, Cardano, and others, surged, confirming the positive view that was anticipated for the second half of the year. ETH climbed by 5.4% to $3,372, Solana increased by 5.6% to $153, and Cardano increased by a negligible 2.7% to $0.44, as indicated by the statistics provided by CoinGecko.

Bitcoin AUM Records $1.35B In Inflows

According to CoinShares' most recent report on assets under management (AUM), weekly fund inflows increased considerably to $1.44 billion, bringing the total amount of inflows for the year to date to $17.8 billion.

The cryptocurrency's fifth-greatest weekly inflows were accounted for by Bitcoin-related products, including exchange-traded funds (ETFs) worth $1.35 billion. Concurrently, "short-bitcoin saw the largest weekly outflows since April at $8.6 million," according to the report, as per Coingape. The overall amount of Bitcoin assets under management (AUM) is $65.3 billion, while the cumulative AUM is $84.7 billion.

SoSoValue reported that Bitcoin exchange-traded funds (ETFs) experienced more than $310 million in net inflows on Friday, July 12. With daily net inflows of $120 million and $115 million, respectively, BlackRock's IBIT and Fidelity's FBTC emerged as the best ETFs, achieving the highest performance, respectively.

The significant net inflow volume of $23 million in Grayscale's GBTC is worthy of praise and may indicate a decrease in selling pressure. If the current trend of fund inflows continues this week, the price of bitcoin will gather momentum for a breakout that will hit $70,000.

What’s Next As Bitcoin Price Rises Above $63,000

During business hours in the United States on Monday, the price of bitcoin has continued its upward trend above the $63,000 mark. The most valuable cryptocurrency, currently trading at $63,038, is exhibiting indications of a growing trend that might bring it closer to $70,000.

However, to justify the uptrend, Bitcoin must establish support above $63,000 and most likely end the day above this level.

The bullish thesis to $70,000 is already supported by several indicators, beginning with three applied Exponential Moving Averages (EMAs): the 20-day, 50-day, and 200-day.

If Bitcoin declines below $63,000, the fifty-day moving average at $62,324 will be the first to offer support. Other important levels are the 20-day exponential moving average (EMA) at $60,088 and the 200-day EMA at $58,255.

Traders may continue to take advantage of the purchase signal that was just reinforced by the Moving Average Convergence Divergence (MACD) indicator. As long as the blue MACD line remains above the red signal line and the indicator continues to climb, the Bitcoin price prediction indicates that an uptrend will continue to be durable, particularly above the $64,000 immediate barrier level.

Rekindling fear of missing out (FOMO) among investors, who may decide to purchase further Bitcoin in anticipation of a breakout to new all-time highs, might occur if the price of Bitcoin breaks above $64,000. The bull run that could happen in 2024 and 2025 may push Bitcoin above $100,000.

TokenPost | [email protected]