Bitcoin Surpasses $62K, Sets Sights on $70K for a Promising Week Ahead!

With a remarkable weekend recovery, Bitcoin has reclaimed the $60K level.

The new bullish trend in BTC prices has sparked a fresh rally this week.

As Bitcoin rebounds, the altcoin market capitalization has surged above $1 trillion, riding a strong tailwind.

The leading cryptocurrency’s breakout rally is gaining momentum, and the market is optimistic about a bullish week ahead.

Bitcoin Price Performance

After a correction wave under the 200-day EMA, Bitcoin encountered supply pressure around $56K.

The BTC price action showed a double bottom reversal with multiple lower price rejection candles.

The reversal rally gained momentum over the weekend, breaking past a secondary resistance trendline and ending the negative cycle within a channel pattern.

Currently, the BTC price is at $62,650, marking a 3% intraday increase and a 9.27% rise over four days.

Trump’s Survival Boosts Crypto Market

Former US President Donald Trump survived an assassination attempt in Butler, Pennsylvania, on Saturday.

His survival strengthened the crypto market, pushing Bitcoin past the $60K barrier.

PolitiFi tokens like Trump and MAGA surged almost 35%.

Bitcoin ETFs, On-Chain, and Derivatives

The largest 30-day inflow into US Spot ETFs, with $310M daily inflows, creates a solid foundation for upward movement.

This marks the sixth consecutive positive inflow day, bringing the cumulative total net inflow to $15.81B.

US Bitcoin ETFs now hold 4.52% of the Bitcoin market cap, valued at $51.34B.

The Bitcoin Open Interest (OI) stands at $16.95B, with a 5.3% growth in the past 24 hours and 18.16% in seven days.

A positive funding rate of 0.0040 indicates that buyers are willing to pay a premium to maintain bullish positions.

With $47.80M worth of short positions liquidated in Bitcoin over the past 24 hours, the bulls are gaining strength.

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