Wednesday, July 17, 2024: Bitcoin Price Today is $64,782. Bitcoin achieved a four-week high of $66,000 on July 17 as a result of persistent buying. Following the most recent daily close, TradingView data verified that Bitcoin (BTC) reached $66,129 on Bitstamp.
Rebounding Despite Sell-Side Pressure
Bitcoin was able to withstand sell-side pressure brought on by the movement of coins associated with the now-defunct Mt. Gox exchange. Since the uptrend beginning on July 12, BTC/USD has recovered to produce gains of up to 15%. Popular trader Daan Crypto Trades described his recent post on X (previously Twitter) with the comment, “That was quick,” and he shared an explanation graphic.
“It will be key to hold the green zone going forward. But if we do, then I’m pretty confident we’re back on the upwards trajectory and we’ll break above this range before the Summer ends.”
New data from monitoring resource CoinGlass confirms that the rising trajectory was unhindered by the resistance on exchange order books.
Traders React to Market Movements
The performance of Bitcoin impressed other well-known traders as well. On the other hand, increased open interest and resistance at record highs created a distinct problem. In part of his most recent X analysis, Credible Crypto stated, “In total, around 1.5k BTC (100M) of asks above us up to ~70k here on Binance.” He went on to say that to push the market much higher, buyers would need to come in considerably. “Ask depth on the books 2x more thick atm than bid depth, would need some significant taker bids to chew through this,” he said.
Bitcoin ETFs and Market Flows
The surge in flows into US spot Bitcoin exchange-traded funds (ETFs) contributed to the BTC price upswing. On July 16, these ETFs witnessed net inflows of $422 million, based on information from sources such as Farside Investors, an investing firm based in the United Kingdom.
Ever since the ETFs were introduced in January, this was one of the highest single-day totals. At the time, Bloomberg ETF analyst Eric Balchunas said, “The Bitcoin ETFs are in ‘two steps forward’ mode after one step back in June with another +$300m yesterday and $1b for a week.”
“YTD net total (the most imp number in all this) has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go.”
The durability and continued interest in Bitcoin are highlighted by its recent spike and the market activity that has accompanied it, despite the cryptocurrency navigating several pressures and market forces.
Image by Satheesh Sankaran from Pixabay
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