Bitcoin surged to a new high of $66,000 on July 17, as buyers continued to push the price up, solidifying four-week highs. The latest daily close confirmed this milestone, with BTC reaching $66,129 on Bitstamp. Despite the sell-side pressure caused by the movement of coins related to Mt. Gox, BTC/USD rebounded and recorded gains of up to 15% since the start of the uptrend on July 12.
Popular trader Daan Crypto Trades expressed his amazement at the quick rise in a recent post on X (formerly Twitter), accompanied by an explanatory chart. The resistance on exchange order books did not hinder the upward trajectory, as data from monitoring resource CoinGlass indicates.
Other well-known traders were also impressed by the surge, but they noted that resistance at all-time highs and rising open interest presented a different challenge. Credible Crypto highlighted the large number of asks above the market price on Binance, estimating around 1.5k BTC (100M) worth of asks up to approximately $70,000. He emphasized the need for significant buyer activity to propel the market even higher.
Meanwhile, Skew, another trader, hoped to see limit buyers step in during dips, which would help sustain the gains made during the week. He acknowledged that the behavior of limit bids moving up with the price was a positive sign for an early uptrend.
According to Charles Edwards, founder of Capriole Investments, correspondence from the exchange suggested that the Mt. Gox funds were not likely to be sold immediately, as 65% of the funds had already been released, and the price of Bitcoin was still climbing.
In addition to the price surge, there has been increased activity in the United States spot Bitcoin exchange-traded funds (ETFs). On July 16, these ETFs saw net inflows of $422 million, marking one of the largest single-day tallies since their launch in January.
Eric Balchunas, an ETF analyst at Bloomberg, commented on the positive flow of funds into Bitcoin ETFs, noting that they were making progress after a setback in June. He mentioned that there was an additional $300 million inflow on the mentioned day and a total of $1 billion for the week.
Disclaimer: This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.