Bitcoin has once again surged to the $63,000 level, marking a significant two-week high. Analysts are pointing towards institutional Bitcoin purchases by “U.S. whales” as the driving force behind this recent uptrend. The Coinbase premium gap, which measures the difference between Coinbase Pro and Binance prices, has indicated a shift in trend from selling to buying among U.S. investors.
Despite the recent rebound in Bitcoin’s price, analysts caution that it is still only a partial recovery from the previous decline. However, with the influx of more than a billion dollars into spot Bitcoin ETFs in America last week, there is a possibility of continued upward momentum. This market recovery comes after a period of prolonged pullback, suggesting that investors are starting to regain confidence in the cryptocurrency.
Notable market analysts such as ‘Rekt Capital’ and Michaël van de Poppe have also shared their insights on the recent price surge. ‘Rekt Capital’ believes that the downtrend was broken when Bitcoin surpassed $61,500 and is now poised to reclaim its post-halving reaccumulation range. On the other hand, Michaël van de Poppe sees global uncertainty, such as the recent assassination attempt on Trump, as creating an “ideal climate” for Bitcoin to continue its upward trajectory.
With Bitcoin now trading above $63,000, the next major resistance zone is around $65,000, a price point last seen on June 20. The current market capitalization has also experienced a significant increase, surpassing $100 billion in rare weekend trading activity. This surge in trading volume has been partly attributed to the recent news of the Donald Trump assassination attempt.
The recent surge in Bitcoin’s price is a result of multiple factors, including institutional investments, market recovery sentiment, and global geopolitical events. As Bitcoin continues to break through resistance levels and attract new investors, the future outlook for the cryptocurrency remains positive. However, investors should remain cautious and monitor market developments closely to make informed decisions about their investments in this volatile asset.
