Bitcoin reached a record high of about $74,000 in mid-March, fueled by demand for launched U.S. exchange-traded funds. The coin then fell back amid decreasing inflows and concerns over sales of seized tokens and the bankrupt Mt. Gox exchange.
Bitcoin subsequently dipped to lows of $53,499 on July 5, levels last seen in February, after a persistent sell-off. After days of consolidation, Bitcoin picked up a rebound and started rising.
From a technical perspective, Bitcoin’s recent price increase has been aided by a major breakout, with BTC surpassing the key level at the 200-day Simple Moving Average (SMA).
This technical breakout boosted bulls further, propelling the price upward. According to crypto analyst Ali Martinez, a decisive breakout past this level was necessary for Bitcoin’s sustained bullish momentum.
In an earlier tweet, Ali predicted that a successful break above the $59,200 resistance level that coincided with the daily SMA 200 could propel BTC to $63,800.
At the time of writing, BTC was up 4.12% in the last 24 hours to $62,745 after hitting intraday highs of $63,293.
According to CoinGlass data, $125 million worth have been liquidated in the last 24 hours, with a larger chunk of this, $101.43 million, representing bearish bets from traders hoping for crypto prices to go lower.
Bitcoin accounted for nearly half of this figure, with BTC shorts losing $49.45 million in liquidations.
According to on-chain analytics firm IntoTheBlock, while Bitcoin has reclaimed the $62,000 support level, resistance remains strong above it; however, enough bullish momentum can prevent selling pressure.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
