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Bitcoin has surged past $65,000, showcasing its resilience despite substantial sell-offs, including a $5.8 billion BTC transfer. The cryptocurrency market remains optimistic, with significant inflows into Bitcoin ETFs and robust investor demand.
Bitcoin Surpasses $65,000 Amid Significant Sell-Offs, Spot ETFs Garner $16 Billion in Inflows
According to a report by Business Today, Bitcoin has surpassed the $65,000 threshold, demonstrating its resilience despite substantial sell-offs. Despite the recent transfer of 91,755 BTC (equivalent to $5.8 billion), the cryptocurrency's recovery persists from Mt. Gox. This suggests that the market is experiencing a robust, optimistic trend.
Since their inception in January, spot bitcoin ETFs have garnered more than $16 billion in inflows, with $300 million added this week, according to CoinSwitch Markets Desk. Robust investor demand for regulated Bitcoin exposure has been reflected in the constant investments of significant funds such as BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund.
The CoinDCX Market movement underscores the increasing momentum of the crypto market, as BTC has surpassed $65,000 and ETH has reached $3,500. To sustain its bullish momentum, Bitcoin must remain above $60,000 and surmount the $68,000 obstacle. ETH must surpass $3,650 and maintain a price above $3,350. Volatility has surged and is anticipated to persist this week.
Worldcoin's WLD Token Soars 20%; Bitcoin Targets $71,500 Amid Strong ETF Inflows and Market Resilience
The WLD token from Worldcoin is the day's top performer, experiencing a 20% increase, thereby terminating its protracted adverse trend.
Edul Patel, the CEO of Mudrex, observes that Bitcoin is presently trading at approximately $65,000 and is on an upward trajectory. On July 15, the lifetime net inflows into US spot Bitcoin ETFs surpassed $16 billion. Consequently, market advocates are now targeting $71,500. Further bullish momentum could be initiated by a move above the $66,500 resistance, with the following significant resistance at $67,200 and support at $64,250.
Rajagopal Menon, VP of WazirX, describes Bitcoin's remarkable rally, which surpassed the critical $65,000 resistance and surged over 15%. Analysts are monitoring the initial significant obstacle at the $66,500 level. The hourly RSI suggests substantial purchasing pressure, and the trading volume for XRP has increased, which indicates a potential breakout as it converts key resistance levels into support.
Nischal Shetty, Co-Founder of Shardeum, observes that Bitcoin remains resilient in the face of significant sell-offs, such as those conducted by the German government. Although the Mt. Gox settlements are substantial, they are not anticipated to result in a widespread sell-off. This liquidity has increased market confidence, demonstrating Bitcoin's maturity and resilience.
Bitcoin has achieved a four-week high above $65,800, as noted by Avinash Shekhar, Co-Founder & CEO of Pi42, despite the Mt. Gox repayments. The positive trend in the market is being led by altcoins such as XRP and Near Protocol. Historically, Bitcoin has performed better in July than in June, and this year is no different.
Bitcoin's ability to withstand significant market fluctuations and sell-offs suggests that the market is maturing and investor confidence is robust. The overall sentiment of the crypto market remains optimistic, as altcoins also exhibit robust performance. Investors are intently monitoring critical resistance and support levels to anticipate future fluctuations.
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