Mt. Following the selling pressure caused by the movements of Gox-related coins, Bitcoin gained 15% in value since the beginning of the uptrend on July 12. Bitcoin reached its highest level in the last four weeks, reaching $66,000 on July 17. BTC increased by 15% in a week. The data confirmed that Bitcoin reached $66,129 on Bitstamp after the last daily close.
“This happened fast,” popular trader Daan Crypto Trades summed up in his latest post on X (formerly Twitter). "It will be very important to maintain the green zone going forward. If we can achieve this, we will get back to the upward trend and I am confident we will be above these levels before the end of the summer," he said.
According to CoinGlass' current data, resistance in exchange order books does not pose an obstacle to upward movement. Other traders share similar opinions. However, the resistance encountered approaching all-time highs is on a different level with increasing open interest.
Credible Crypto, in its analysis on He also emphasized that buyers need to step in to move the market up. “Depth on books is twice as deep as orders; significant buyers are needed to get through that,” he said.
Another trader, Skew, noted that “limit buyers on dips” can influence short-term price action and protect weekly gains. “So far we are seeing limit orders rising with the price, which is what we would expect in an early uptrend,” he added about Binance spot order book data on X.
Charles Edwards, founder of Bitcoin and digital asset fund Capriole Investments, Mt. He suggested that customers were not selling immediately, considering that 65% of Gox funds had already been released and the price was still rising. The rise in BTC prices was driven by increased flows into spot Bitcoin exchange-traded funds (ETFs) in the US. According to Farside Investors' data, there was a net inflow of $422 million on July 16. "Bitcoin ETFs are in 'two steps forward' mode with $300 million yesterday and $1 billion for the week after a step back in June," said Bloomberg ETF analyst Eric Balchunas. "The total net since the beginning of the year has exceeded $16 billion; our forecast for the first 12 months was $12-15 billion, so with 6 months to go, we have already exceeded this figure."
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