Greed

2024

United

Bitcoin

<p>The post <a href="https://coinpedia.org/news/why-bitcoin-btc-price-surged-above-60k/">Why Bitcoin (BTC) Price Surged Above $60K?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market, led by <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC), surged nearly 5 percent in the past 24 hours to hover around $2.4 trillion on Monday during the early Asian session. Bitcoin price closed in a bullish outlook last week after being trapped in bearish sentiment in the prior four weeks.&nbsp;</p> 
<p>The flagship coin had added around 5 percent in the past 24 hours to trade at about $62,600 at the time of this report. <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> (ETH) led the altcoin industry in a bullish trend.</p> 
<h2 class="wp-block-heading" id="h-top-reasons-bitcoin-price-surged">Top Reasons Bitcoin Price Surged</h2> 
<h3 class="wp-block-heading" id="h-increased-whale-demand"><strong>Increased Whale Demand</strong></h3> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> received a much-needed bullish boost from whale traders in the past week. As the German government concluded its Bitcoin sales over the weekend, on-chain data shows that whale traders were busy accumulating more coins.</p> 
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   <p lang="en" dir="ltr">Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease <a href="https://t.co/fBeEGUP6P8">pic.twitter.com/fBeEGUP6P8</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1812165143624667642?ref_src=twsrc%5Etfw">July 13, 2024</a>
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<p>Specifically, on-chain data shows Bitcoin whales added 71k coins last week despite short-term traders capitulating. Additionally, US-based spot Bitcoin ETFs registered more than $1 billion in cash inflows last week, led by BlackRock’s IBIT and Fidelity’s FBTC.</p> 
<h3 class="wp-block-heading" id="h-waning-crypto-capitulation-fear-nbsp"><strong>Waning Crypto Capitulation Fear&nbsp;</strong></h3> 
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   <p lang="en" dir="ltr">Bitcoin Fear and Greed Index is 52 — Neutral<br>Current price: $60,788 <a href="https://t.co/KT0S6UUYot">pic.twitter.com/KT0S6UUYot</a></p>— Bitcoin Fear and Greed Index (@BitcoinFear) <a href="https://twitter.com/BitcoinFear/status/1812638230400884930?ref_src=twsrc%5Etfw">July 15, 2024</a>
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<p>As Bitcoin price surged above $62k earlier today, the fear and greed index also rebounded above 50 percent, neutral, from around 25 percent, extreme fear, last week. With the crypto market already in a macro bullish trend, the recent capitulation was viewed as an opportunity to buy more crypto assets in preparation for the parabolic rally ahead.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-general-bullish-outlook"><strong>General Bullish Outlook</strong></h3> 
<p>Bitcoin’s price has led the crypto industry to regain its correlation with the stock market, which has been bullish recently. Last week, economic data from the United States signaled a possible interest rate cut later this year if inflation continues to ease.&nbsp;</p> 
<p>Meanwhile, the upcoming final approval of spot Ether ETFs in the United States will be a major win for the bullish sentiment.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-technical-analysis-nbsp">Technical Analysis&nbsp;</h2> 
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   <p lang="en" dir="ltr">So this is the new trend line we are supposed to watch <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/HBVj0X1EnJ">https://t.co/HBVj0X1EnJ</a> <a href="https://t.co/obQJ2vfwRu">pic.twitter.com/obQJ2vfwRu</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1812670810693193816?ref_src=twsrc%5Etfw">July 15, 2024</a>
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<p>After Bitcoin’s price rebounded above crucial support/resistance level around $61k, it is evident that the flagship coin is a digital gold awaiting further upsurge. From a technical standpoint, Bitcoin price is aiming for $70k if it consistently closes above the daily descending broadening wedge in the coming weeks.</p> 
<p>Otherwise, a possible capitulation could still send Bitcoin price towards $52k for a consolidation before the onset of the euphoric rally.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/bitcoin-bulls-ride-the-trump-wave-price-eyes-70000-levels/" target="_blank" rel="noreferrer noopener">Bitcoin Bulls Ride The Trump-Wave; Price Eyes $70,000 levels</a></p>

Why Bitcoin (BTC) Price Surged Above $60K?

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