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Bitcoin Surprises With Huge Weekly Candle
Alex Dobnya
Bitcoin recorded an epic weekly candle above the $68,000 level
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Bitcoin, the largest cryptocurrency, has managed to close the week above the $68,000 level.
The largest cryptocurrency managed to grow by more than 12% in just one week.
According to CoinGecko data, it is currently trading at $67,804.
The leading cryptocurrency rallied after the release of June inflation data that looked at hopes for multiple rate cuts this year. That said, the President of the Federal Reserve Bank of San Francisco, Mary Daly, said the central bank has yet to hit its target despite the “really good” data.
The cryptocurrency has also benefited significantly from growing demand from buyers of Bitcoin ETFs. 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 watch for the next few 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 “ample room” to rally after the cryptocurrency managed to survive the lower bound of the current channel.
Pseudonymous trader Rekt Capital says 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 price could skyrocket to the $100,000 level. However, for that to happen, bulls would need to clear the crucial $73,000 level.
It is worth noting that Mt. Gox redemptions remain a significant bearish obstacle for the cryptocurrency market. Earlier today, it transferred 0.021 BTC to a new wallet, preparing for redemptions.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. 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.