Bitcoin soared to a new high of $66,000 on July 17, as consistent buying pressure helped push the bulls to their highest levels in four weeks. The price of BTC gained 15% in less than a week, rebounding from the sell-side pressure caused by the movement of coins linked to the defunct exchange Mt. Gox. Resistance on exchange order books did not hinder its upward trajectory, as shown by data from monitoring resource CoinGlass.
Popular traders, such as Daan Crypto Trades and Credible Crypto, were impressed by the rapid price increase, but acknowledged that there was still resistance towards reaching all-time highs. Credible Crypto noted that there were around 1.5k BTC (100M) of sell orders above the current price on Binance, indicating that significant buying pressure would be needed to break through. Skew, another trader, hoped that limit buyers on dips would support short-term price action and maintain the gains of the week.
Charles Edwards, founder of Capriole Investments, suggested that the release of Mt. Gox funds did not seem imminent, with 65% already released and the price of Bitcoin still climbing. Meanwhile, the United States spot Bitcoin exchange-traded funds (ETFs) experienced increased flows, with net inflows of $422 million on July 16. This marked one of the largest single-day totals since their launch in January.
Overall, the Bitcoin market continues to exhibit strong bullish momentum, with investors eagerly watching for any developments that could further propel its price. As always, it is important for readers to conduct their own research and exercise caution when making investment decisions.