Bitcoin (BTC) reached $63,000 following an assassination attempt on former US President Donald Trump, showing significant price growth. Analysts and market experts predict this rise may continue due to renewed interest from whales, institutional investors, and individual investors in purchasing BTC.
Market Dynamics and Expert Predictions
Following the assassination attempt on Trump, Bitcoin’s price closed the week above $60,000, gaining significant momentum. The price is currently trading around $63,000, supported by both spot and derivatives market purchases. An important market analysis firm, Matrixport, predicts that Bitcoin purchasing activity will continue and become less dependent on macroeconomic events. This optimistic outlook comes immediately after over $1 billion flowed into spot Bitcoin ETFs within a week, linked to cooling inflation and a slowing labor market in the US.
Matrixport analysts highlighted that the initial wave of institutional purchases driven by high arbitrage opportunities has now shifted to less stop-loss-sensitive individual investors. This change in the investor base indicates a more stable upward trend. Market sentiment continues to rise as spot Bitcoin ETF inflows are expected to increase, especially following weaker-than-expected CPI data.
On-Chain Data Analysis for Bitcoin
On-chain data also supports this positive sentiment. According to CryptoQuant‘s Coinbase premium gap data, US whales have started accumulating Bitcoin again after a period of selling. With concerns about the German government’s Bitcoin sales now resolved, the market recovery seems to be offsetting previous declines. The weekend recovery in Bitcoin’s price suggests that additional funds could flow into spot Bitcoin ETFs, enhancing market stability.
Meanwhile, the sentiment in the Bitcoin derivatives market is also optimistic. The futures market shows further recovery signs, with total Bitcoin futures open interest increasing by over 4% in the last 24 hours, reaching $32.37 billion. Additionally, the open position in Bitcoin futures on CME has risen by over 4%, currently standing at $9.28 billion. This increase in futures market activity indicates continued confidence in Bitcoin’s upward trajectory.
Experienced analyst Rekt Capital noted on July 15 that the bullish divergence has completely dissipated and that Bitcoin has broken above its 1.5-month downtrend. He also added that BTC is ready to make a new price move above $65,000. Currently, BTC is trading at $62,836, up 4% in the last 24 hours, with the lowest and highest levels in the last 24 hours being $59,546 and $63,095, respectively. Trading volume has increased by 26% in the last 24 hours.
The combination of renewed institutional and individual interest, positive on-chain data, and strong futures market activity suggests that Bitcoin’s price rally could continue and potentially reach all-time highs. With market dynamics supporting continuous growth, the crypto world remains optimistic about Bitcoin’s future performance.
