Bitcoin rises to $63,000 as whales and US institutions push for buying

Bitcoin has returned to the $63,000 level during early trading on Monday, July 15. That marks a two-week high, prompting some analysts to suggest the downtrend has broken.

: $63,000 #Bitcoin

We are back! pic.twitter.com/lwusaVmKwL

— Lark Davis (@TheCryptoLark) July 15, 2024

On July 15, on-chain analytics platform CryptoQuant suggested that the move has been driven by “US whales” as institutional purchases of Bitcoin ramp up again.

Coinbase Premium Gap

Analysts looked at Coinbase’s premium gap to determine the trend change.

“Looking at Coinbase’s premium gap, the movement of US whales, which had a sell trend, has recently turned into a buy.”

Coinbase premium gap is the difference between Coinbase Pro price (USD pair) and Binance price (USDT pair). High premium values ​​could indicate strong buying pressure from US investors.

Analysts at CryptoQuant added that so far, “it’s only a rebound that slightly offsets the decline.”

US whales, institutional #Bitcoin purchases are increasing again

“Looking at Coinbase’s premium gap, the movement of US whales, which had a sell trend, has recently turned into a buy.” – For @DanCoinInvestor

Learn more https://t.co/ns7Oo4y1nE pic.twitter.com/Vxjxsat8r4

— CryptoQuant.com (@cryptoquant_com) July 15, 2024

However, the fact that Bitcoin recovered over the weekend means that additional funds can be expected to flow into spot Bitcoin ETFs on weekdays, they added before concluding that there is a chance for further momentum in the up More than $1 billion flowed into local U.S. Bitcoin ETFs last week. However, retail trade remained subdued.

CryptoQuant concluded that the market was due for a recovery period after a prolonged pullback.

“Even from a psychological perspective, it appears to be a good period for Bitcoin to recover, as market participants have already experienced fear and frustration due to a considerable period of adjustment.”

Market Analyst “Rekt Capital” pointed out that the downtrend had been broken when the asset broke above $61,500 and BTC was about to retake the post-halving retracement range.

Its analyst Michaël van de Poppe commented: “Global uncertainty is rising after Trump’s assassination attempt.”

He added that this was an “ideal climate” for Bitcoin to rise steadily.

Germany has finished selling them #Bitcoin.

Global uncertainty rises after Trump’s assassination attempt.

This is an ideal climate for Bitcoin to rise steadily.

Ethereum ETF is coming this week.

Just go back up. pic.twitter.com/pEOsGykYpv

— Michaël van de Poppe (@CryptoMichNL) July 15, 2024

BTC Price Outlook

With BTC recovering from $63,000 on July 15th, the next level of resistance is around the $65,000 price zone, which was last breached on June 20th.

At the time of writing, the asset was trading at just over $63,000, after a 4.7% gain over the past 24 hours.

In addition, the total market capitalization has increased by more than $100 billion in rare weekend trading activity, largely influenced by the assassination attempt of Donald Trump.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!