Bitcoin News – Bitcoin Price Rockets Over $66K as Market Momentum Builds
Bitcoin News – Bitcoin surged by over $3,000 within four hours on July 19, driven by a fresh wave of market volatility. Data from Cointelegraph Markets Pro and TradingView showed a dramatic rise for BTC/USD, moving from $63,303 to $66,506 as the weekend began.
At the time of publication, Bitcoin’s gains continued to grow, reaching an intraday high of $66,773 on Bitstamp.
Short Traders Suffer as BTC Rises
Independent analyst Caleb Franzen highlighted the recent uptrend, noting, “New short-term highs for #Bitcoin means that the recent streak of higher highs and higher lows (uptrend behavior) is intact.” He added, “This has been constructive price action, with key breakouts above structural & dynamic levels. Bulls are increasingly regaining firm control over price.”
This week, day traders focused on the upside as seller exhaustion and the aftermath of the failed assassination attempt on former President Donald Trump preceded a run-up to nearly $65,000.
On July 19, those betting on a continued correction faced significant losses, with Bitcoin’s rally liquidating short positions worth $40.83 million within four hours and a total 24-hour wipeout of $131.65 million.
Bitcoin Liquidation Heatmap and Retail Demand
CoinGlass’s Bitcoin liquidation heatmap indicated BTC pushing through overhead ask liquidity at the time of publication, with $83.38 million in ask orders between $66,880 and $67,000 at risk of liquidation in the short term.
MN Capital founder Michaël van de Poppe noted Bitcoin’s retail demand at a three-year low, reflecting current market sentiment. Despite this, consistent inflows into Bitcoin investment products, including spot Bitcoin exchange-traded funds, suggest that institutional investors largely drive BTC demand.
Van de Poppe shared a CryptoQuant chart showing a decline in Bitcoin’s retail demand since its all-time highs in March. He suggested that this metric needs to “turn around” for Bitcoin’s growth. Market analysts believe the Bitcoin bull run is usually propelled by retail investors, who have yet to return in significant numbers.
CryptoQuant author Woominkyu stated in a July 17 post, “The real bull run typically begins with massive buying volume driven by retail investors. And we have not yet seen this volume from retail investors.”
Long-Term Bitcoin Forecasts Remain Positive
Despite current market conditions, the long-term outlook for Bitcoin remains positive. Analysts forecast a potential price of over $200,000 for BTC once it enters a parabolic uptrend.
FAQ: Bitcoin’s Recent Surge and Market Outlook
What caused Bitcoin’s recent surge over $66,000?
Bitcoin surged by over $3,000 within four hours on July 19, driven by a fresh wave of market volatility. This volatility was highlighted by data from Cointelegraph Markets Pro and TradingView, showing a dramatic rise from $63,303 to $66,506 as the weekend began.
What are the key factors contributing to Bitcoin’s price movement?
The recent price movement of Bitcoin can be attributed to several factors including increased market volatility, seller exhaustion, and the aftermath of the failed assassination attempt on former President Donald Trump. This combination of factors led to a significant uptick in Bitcoin’s price.
How did short traders fare during this surge?
Short traders suffered significant losses as Bitcoin’s price rose sharply. On July 19, the rally liquidated short positions worth $40.83 million within four hours, and the total 24-hour wipeout amounted to $131.65 million. This substantial liquidation was due to Bitcoin’s unexpected upward movement.
What does the Bitcoin liquidation heatmap reveal?
CoinGlass’s Bitcoin liquidation heatmap indicated that BTC was pushing through overhead ask liquidity. At the time of publication, there were $83.38 million in ask orders between $66,880 and $67,000 at risk of being liquidated in the short term.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment