Bitcoin
Bitcoin surprises with huge weekly candle
Alex Dovbnya
Bitcoin records epic weekly candle above $68,000 level
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Bitcoin, the largest cryptocurrency, has managed to mark a weekly close above the $68,000 level.
The largest cryptocurrency managed to rise more than 12% in a single week.
It is currently trading at $67,804, according to data from CoinGecko.
The leading cryptocurrency has been rallying following the release of June inflation data, which revised hopes for multiple rate cuts to occur this year. With that said, Federal Reserve Bank of San Francisco President Mary Daly said the central bank has yet to meet its target despite the “really good” data.
The cryptocurrency has also benefited substantially from the growing demand from Bitcoin ETF buyers. Bitcoin ETFs have now surpassed a total of $17 billion in net inflows year-to-date.
“Demand growth may be in the early stages of recovery. Something to monitor in the coming weeks,” Julio Moreno, head of research at cryptocurrency research firm CryptoQuant, said on Twitter.
Josh Olszewicz, a prominent cryptocurrency trader, recently noted that Bitcoin had “plenty of room” to move higher after the cryptocurrency managed to survive the lower boundary of the current channel.
Pseudonymous trader Rekt Capital said that the market is currently consolidating in the post-halving reaccumulation range. The main resistance of the current range is set at $71,500.
As reported by U.TodayGalaxy Digital CEO Mike Novogratz recently predicted that Bitcoin’s price could skyrocket to the $100,000 level. However, for that to happen, bulls would need to break through the crucial $73,000 level.
It’s worth noting that Mt. Gox refunds continue to be a significant bearish headwind for the crypto market. Earlier today, it transferred 0.021 BTC to a new wallet in preparation for the refunds.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.