As a seasoned market analyst with a deep understanding of Bitcoin and the crypto market, I have seen my fair share of price fluctuations and trends over the years. The recent movement of Bitcoin back to the $63,000 level on July 15, 2024, is a sight that brings both excitement and caution.
During early trading on July 15, Bitcoin reached a peak of $63,000 – its highest point in the past two weeks. This uptick has led certain market analysts to speculate that the previous trend of decline may have come to an end.
: $63,000 #Bitcoin
We’re so back!
— Lark Davis (@TheCryptoLark) July 15, 2024
On July 15, according to CryptoQuant’s analysis, large-scale Bitcoin investors based in the United States may have been behind the recent price surge due to a resurgence of institutional purchases.
Coinbase Premium Gap
Analysts looked at the Coinbase premium gap to determine the trend shift.
Based on the current Coinbase spread and the recent behavior of major US investors, there has been a shift from selling to buying.
The disparity between the prices of a cryptocurrency on Coinbase Pro, expressed in US dollars, and its price on Binance, denominated in USDT, is referred to as the Coinbase premium gap. Elevated premium values may signify robust demand from American investors for the particular digital asset.
As a crypto investor, I’ve noticed that according to CryptoQuant analysts, the recent price increase is merely a small compensation for the previous decline. In simpler terms, we’re seeing a minor bounce back in the market, but it doesn’t erase the significant loss we experienced earlier.
U.S whales, institutional #Bitcoin purchases increase again
Based on the current Coinbase spread and the recent behavior of large American investors, who have been selling coins, there’s now a buying trend emerging among them.
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— CryptoQuant.com (@cryptoquant_com) July 15, 2024
Bitcoin bounced back over the weekend, leading to an inflow of funds into American spot Bitcoin ETFs during weekdays. This situation raises the potential for further price increases. Approximately one billion dollars were invested in these ETFs last week. Nevertheless, retail trading activity remained relatively low.
Based on its analysis, CryptoQuant determined that the cryptocurrency market had reached a point where a recuperation phase was likely to ensue after an extended downturn.
“From a psychological standpoint, it seems that Bitcoin may be due for a recovery. The market has undergone an extended adjustment period, during which traders have felt anxiety and disappointment. Consequently, there is potential for a bounce-back in Bitcoin prices.”
Market analyst Rekt Capital observed that the downward trend in Bitcoin’s price was disrupted once it reached the $61,500 mark. Bitcoin was then expected to regain its footing and recover within the post-halving consolidation zone.
Michaël van de Poppe, my colleague in analysis, observed, “The global climate of ambiguity is growing following the attempted assassination on Trump.”
He added that this was an “ideal climate” for Bitcoin to go upwards consistently.
Germany has finished selling their #Bitcoin.
Global uncertainty is rising after the assassination attempt on Trump.
That’s an ideal climate for Bitcoin to go upwards consistently.
Ethereum ETF coming this week.
It’s up only again.
— Michaël van de Poppe (@CryptoMichNL) July 15, 2024
BTC Price Outlook
As a market analyst, I’ve observed that Bitcoin surpassed the $63,000 mark once again on July 15. The upcoming barrier for further growth can be found around the $65,000 price point, which was last challenged back on June 20.
Currently, the asset is priced above $63,000 in the market, reflecting a 4.7% increase over the previous 24-hour period.
Additionally, there was a significant surge in trading activity over the weekend, leading to an increase of more than $100 billion in the total market capitalization. This growth can primarily be attributed to the news surrounding the attempted assassination of former President Donald Trump.
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2024-07-15 13:29