Bitcoin Soars Above $63000, Data Signals Rally Will Sustain For Longer: Matrixport
Bitcoin price hits $63,000 as upside momentum continues across crypto and equity markets following Donald Trump assassination attempt. On-chain analyst and capital market expert predict this rally will continue for longer periods as whales, institutional investors, and retail investors have started to buy BTC again. Is a new all-time high on the cards?
Bitcoin Price Rally To Continue
Following Donald Trump assassination attempt, Bitcoin price closed the week above $60,000 to trigger a massive momentum. BTC price has now rallied above $63,000 supported by spot and derivatives buying.
Matrixport predicts BTC buying activity will sustain for a longer period, making it less reliant on macroeconomic events. The forecast came in response to more than $1 billion in inflow into spot Bitcoin ETF in the U.S. in a week. The ETF inflows were closely linked to cooling inflation and slowing labor market in the United States. Analysts at Matriport stated that spot Bitcoin ETF inflows are more likely after last week’s weaker than expected CPI release.
“Notably, the initial institutional buying driven by high arbitrage opportunities has shifted to less stop-loss sensitive retail investors,” the crypto company said on July 15.
On-Chain Data Signals High Buying Sentiment
According to Coinbase premium gap data by CryptoQuant, US whales have turned positive on Bitcoin after weeks of selling BTC. With concerns over the German government Bitcoin selloff now over, the rebound has slightly compensated for the decline. Also, the rebound on the weekend indicates that additional funds are expected to flow into the spot Bitcoin ETFs.
Source: CryptoQuant
Moreover, BTC derivatives markets’ sentiment towards buying is very positive. The futures market in hourly time frame is showing signs of further crypto market recovery.
Total BTC futures open interest has increased over 4% in the past 24 hours to $32.37 billion. Also, the Futures OI on CME rose over 4%, with OI currently at $9.28 billion.
Also Read: Binance Making Major Changes To Key Spot Pairs Amid Crypto Market Recovery
BTC Price Correction Over
Popular analyst Rekt Capital on July 15 said the bullish divergence has fully played out and Bitcoin has finally broken above its 1.5-month downtrend. He predicts Bitcoin will be ready to start a new cluster of price action above $65,000.
BTC price currently trades at $62,836, up 4% in the last 24 hours. The 24-hour low and high are $59,546 and $63,095, respectively. Furthermore, the trading volume has increased by 26% in the last 24 hours as it closed above $60K, indicating a slight increase in interest among traders.
Also Read: Ex-FTX Exposes Silvergate Bank’s Knowledge Of Suspicious Transactions
The post Bitcoin Soars Above $63000, Data Signals Rally Will Sustain For Longer: Matrixport appeared first on CoinGape.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings