Bitcoin climbs upwards : Keys to understanding this recovery
As bitcoin begins to recover after falling below $60,000, investors are rejoicing. Considering that the halving, which was supposed to make it more scarce, has not produced the desired result, this phenomenon is even more surprising than it would have been otherwise. In order to comprehend this turnaround, let's go into the difficulties and opportunities that this flagship cryptocurrency presents.
The value of Bitcoin reached a four-week high of $66,000 on July 17, marking the day. Constant pressure from purchasers was the driving force behind this 15% climb since the beginning of the uptrend on July 12, which reached $63,000 three days later.
According to CoinGlass, resistance on exchange order books has not prevented the rise , but challenges remain, including the issue of “open interest” and high resistance.
According to Credible Crypto, there is a resistance level of approximately 1,500 BTC above, and demand has reached $70,000 on Binance.
Skew, another trader, is hoping that limiting buyers on dips will assist in maintaining the gains that have been made this week.
One of the key factors influencing the bitcoin market is the impact of Mt. Gox funds . Charles Edwards , founder of crypto asset fund Capriole Investments, mentioned that 65% of Mt. Gox funds have already been released without causing a massive selloff .
This suggests some resilience of BTC despite the release of these funds.
Daan Crypto Trades optimistically adds that moving the green zone forward could put us back on the bullish path before the end of summer . To reinforce this sentiment, he published an explanatory chart on X.
This ever-changing environment demonstrates how unpredictable the cryptocurrency market can be, and it highlights how critical it is for investors to maintain a state of vigilance.
Furthermore, despite the difficulties, there are indications that bitcoin is beginning to recover. “ We need to stay alert to fluctuations and constantly adapt ,” summarizes Charles Edwards.