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<ul>
 <li>BTC breaks $63,340 resistance, sparking renewed optimism among traders and investors.</li>
 <li>Fed liquidity spike draws parallels to past 38% Bitcoin surge in one week.</li>
 <li>Analysts eye $71,500 target as BTC resumes upward trend post-June downtrend.</li>
</ul>
<p>On July 1, <a href="https://cryptonewsland.com/bitcoin-and-xrp-poised-to-claim-top-two-cryptos-title-as-btc-price-swings-to-green-signals/" rel="noopener noreferrer nofollow">the </a><a href="https://cryptonewsland.com/bitcoin-and-xrp-poised-to-claim-top-two-cryptos-title-as-btc-price-swings-to-green-signals/" target="_blank" rel="noopener noreferrer nofollow">price</a><a href="https://cryptonewsland.com/bitcoin-and-xrp-poised-to-claim-top-two-cryptos-title-as-btc-price-swings-to-green-signals/" rel="noopener noreferrer nofollow"> of BTC</a> broke through the daily resistance at around $63,340 mark, signaling renewed optimism among traders and investors. Additionally, Fed net liquidity just experienced its largest spike in 15 months. The last time this happened, Bitcoin surged 38% in a week.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br><br>FED NET LIQUIDITY JUST HAD ITS <br>BIGGEST SPIKE IN 15 MONTHS.<br><br>THE LAST TIME IT HAPPENED, <br>BITCOIN PUMPED 38% IN A WEEK. <a href="https://t.co/11ceIc3Ef2" rel="noopener noreferrer nofollow">pic.twitter.com/11ceIc3Ef2</a></p>— Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1808152595908669562?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 2, 2024</a>
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<h2 class="wp-block-heading" id="h-liquidity-sparks-hope">Liquidity Sparks Hope</h2>
<p>Market data reveals that BTC price action was attempting to cement gains, coinciding with the monthly close. Despite failing to break through key resistance levels above $64,000, Bitcoin’s upward trend resumed, leaving traders cautiously optimistic.</p>
<p>The monthly close played a crucial role in this narrative. A breakout from the downtrend that characterized June indicated strength. Market analysts believe that the next key target for Bitcoin is around $71,500.</p>
<p>USD Liquidity Trends Matter</p>
<p>United States dollar liquidity trends have a significant impact on crypto performance. As BTC/USD moved in tandem with liquidity changes, traders closely monitored these shifts. <a href="https://twitter.com/daancrypto" rel="noopener noreferrer nofollow">Daan </a><a href="https://twitter.com/daancrypto" target="_blank" rel="noopener noreferrer nofollow">Crypto</a><a href="https://twitter.com/daancrypto" rel="noopener noreferrer nofollow"> Trades</a> highlighted the correlation, noting that both Bitcoin and stocks front-run expectations of increased USD liquidity.</p>
<p>Federal Reserve and BTC Price</p>
<p>Market analyst Cole Garner drew attention to recent <a href="https://cryptonewsland.com/federal-reserve-introduces-new-oversight-for-banks-cryptocurrency-activities/" target="_blank" rel="noopener noreferrer nofollow">Federal</a><a href="https://cryptonewsland.com/federal-reserve-introduces-new-oversight-for-banks-cryptocurrency-activities/" rel="noopener noreferrer nofollow"> Reserve</a> liquidity changes. A notable spike in net liquidity rate-of-change could potentially boost BTC price strength.&nbsp;</p>
<p>While not assuming a repeat, Garner pointed out that the last time this occurred, Bitcoin surged approximately 40% in just one week. Bollinger Bands and Volatility Technical indicators also hinted at increased volatility.&nbsp;</p>
<p>The <a href="https://www.bollingerbands.com/" target="_blank" rel="noopener noreferrer nofollow">Bollinger</a><a href="https://www.bollingerbands.com/" rel="noopener noreferrer nofollow"> Bands</a> on the weekly time frame were constricting. This pattern has been seen only a few times in Bitcoin’s history.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/revolutionary-ripple-hub-shakes-up-crypto-fiat-landscape-a-new-era-begins/" rel="noopener noreferrer nofollow">Revolutionary Ripple Hub Shakes Up Crypto-Fiat Landscape: A New Era Begins</a></li>
 <li><a href="https://cryptonewsland.com/tusd-emerges-as-a-key-liquidity-provider-in-cryptocurrency-markets/" rel="noopener noreferrer nofollow">TUSD Emerges as a Key Liquidity Provider in Cryptocurrency Markets</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-liquidity-pool-at-31600-31700/" rel="noopener noreferrer nofollow">Bitcoin Liquidity Pool at $31,600 – $31,700 Sparks Market Maker Interest</a></li>
 <li><a href="https://cryptonewsland.com/ripple-explore-immense-potential-in-unlocking-liquidity-in-the-tokenized-economy/" rel="noopener noreferrer nofollow">Ripple Explore Immense Potential in Unlocking Liquidity in the Tokenized Economy</a></li>
 <li><a href="https://cryptonewsland.com/kyberswap-announces-first-ever-arb-token-liquidity-pools-liquidity-mining-and-trading-campaigns-on-arbitrum/" rel="noopener noreferrer nofollow">KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoin-nears-63k-could-liquidity-drive-lead-to-a-new-btc-ath/" rel="noopener noreferrer nofollow">Bitcoin Nears $63K: Could Liquidity Drive Lead to a New BTC ATH?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Nears $63K: Could Liquidity Drive Lead to a New BTC ATH?

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