Bitcoin reached $66,000 on July 17, as continuous bidding helped bulls hit four-week highs. Data from TradingView confirmed that Bitcoin’s price reached $66,129 on centralized exchanges after the last daily close. Overcoming the selling pressure from the movement of cryptocurrencies linked to the bankrupt crypto exchange Mt. Gox, the BTC/USD pair recovered to gain up to 15% from the start of the uptrend on July 12.
What’s Happening on the Bitcoin Front?
Popular investor Daan Crypto Trades summarized this in his latest post on X with an explanatory chart, stating:
“Moving the green zone forward will be important. However, if we succeed, I am quite confident that we will get back on the upward path and surpass this range before the end of summer.”
CoinGlass data proved that resistance in exchange order books did not hinder the upward trend. Other popular investors who reacted were equally impressed. However, resistance towards all-time highs, along with increasing open interest, was of a different class.
Important Statements from Analysts
Credible Crypto explained in a part of his latest X analysis that there are approximately 1,500 Bitcoins above us, with demand up to 70,000 on Binance. Credible Crypto added that buyers still need to step up to push the market much higher:
“Ask for depth in the books, bid depth is twice as thick, serious buyer bids are needed to overcome this.”
Meanwhile, another trader Skew hoped that limiting buyers in declines would characterize short-term price action moving forward and help maintain the week’s gains. He said the following on X about Binance spot order book behavior:
“So far, we still see limit bids rising with the price, which is something you want to see in the early stages of an uptrend.”
Charles Edwards, founder of Bitcoin and crypto asset fund Capriole Investments, referred to correspondence from the exchange, suggesting that 65% of Mt. Gox funds have already been released, and the price is still rising, indicating no immediate sell-off.
