Bitcoin reached $66,000 on July 17, achieving a four-week high as sustained bidding buoyed the cryptocurrency. The latest data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $66,129 on Bitstamp after the daily close.
BTC Price Rallies by 15% in Under a Week
Bitcoin’s recent price movement showed resilience, shaking off sell-side pressure linked to the defunct exchange Mt. Gox. Since the uptrend began on July 12, BTC/USD has posted gains of up to 15%. Popular trader Daan Crypto Trades commented on X (formerly Twitter) that maintaining the current support zone is crucial for a continued upward trajectory.
“It will be key to hold the green zone going forward. But if we do, then I’m pretty confident we’re back on the upwards trajectory and we’ll break above this range before the Summer ends,” he noted, referring to an explanatory chart.
Despite the resistance in exchange order books, monitoring resource CoinGlass indicated that upward momentum remained strong.
#Bitcoin That was quick.
It will be key to hold the green zone going forward. But if we do, then I'm pretty confident we're back on the upwards trajectory and we'll break above this range before the Summer ends. https://t.co/QqiauOxDRv pic.twitter.com/DmRrkgSxTL
— Daan Crypto Trades (@DaanCrypto) July 16, 2024
Assessing Resistance and Buyer Activity
Other traders echoed optimism while noting the significant resistance ahead. Credible Crypto highlighted that around 1.5k BTC ($100 million) in asks are positioned up to $70,000 on Binance.
“Ask depth on the books 2x more thick atm than bid depth, would need some significant taker bids to chew through this,” Credible Crypto stated.
Fellow trader Skew noted the importance of “limit buyers on dips” to sustain gains, observing that limit bids were moving up with the price, a positive sign in an early uptrend.
Interesting, hadn't noticed these layered bids/asks earlier because I didn't have my sensitivity settings low enough to capture them- a decent amount of asks here but slipped under the radar by spreading them out over a wider price area vs concentrating them in a few large blocks… pic.twitter.com/CVzF66PT02
— CrediBULL Crypto (@CredibleCrypto) July 17, 2024
Bitcoin ETFs Experience Positive Inflows
The BTC price increase coincided with positive flows for U.S. spot Bitcoin exchange-traded funds (ETFs). Data from sources like UK-based investment firm Farside Investors revealed net inflows of $422 million on July 16, marking one of the largest single-day tallies since their launch in January.
Bloomberg ETF analyst Eric Balchunas highlighted the ETFs’ progress, stating, “The Bitcoin ETFs are in ‘two steps forward’ mode after one step back in June with another +$300m yesterday and $1b for week.” He added that the year-to-date net total had surpassed $16 billion, exceeding their 12-month estimate of $12-15 billion with six months still to go.
the Bitcoin ETFs are in "two steps forward" mode after one step back in June with another +$300m yesterday and $1b for week. YTD net total (the most imp number in all this) has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go. pic.twitter.com/0V7wE9D5OU
— Eric Balchunas (@EricBalchunas) July 16, 2024
As Bitcoin navigates its latest price surge, the critical question remains whether buyers can sustain momentum and overcome substantial resistance levels. The interplay between market depth, buyer activity, and ETF inflows will be crucial in determining whether Bitcoin can push toward and possibly exceed its all-time highs.
