Following an era of robust selling pressure and market uncertainty, the global crypto market has rebounded solidly, with Bitcoin leading the recovery. Altcoins are also benefiting from this market optimism, with many eyeing gains of 1-7% in their prices.
As crypto analyst Michael Van de Poppe argues, this rebound is supported by recent events such as the end of the German Bitcoin liquidation. Additionally, the failed assassination attempt on former US president Donald Trump has contributed to Bitcoin’s rebound, as the Republican contender has recently upheld a protracted advocacy for crypto.
Germany has finished selling their #Bitcoin.
Global uncertainty is rising after the assassination attempt on Trump.
That’s an ideal climate for Bitcoin to go upwards consistently.
Ethereum ETF coming this week.
It’s up only again. pic.twitter.com/pEOsGykYpv
— Michaël van de Poppe (@CryptoMichNL) July 15, 2024
Van de Poppe believes these events create an ideal climate for Bitcoin to gain consistently. As a result, total market capitalization has surged over 23% to $64.64 billion in the last 24 hours, while the global market cap stands at $2.3 trillion, marking a 4.70% increase within the same period.
BTC Price Action: Bulls Take Reign
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With a four-day streak of bullish sentiment, BTC is pushing its prices to new heights, approaching the $63.8k resistance, around the 61.8% fib level. A break above this zone could signal a character change, confirming a solid bullish mood in the asset’s market. This could lead to BTC challenging the $67.5k resistance last seen on June 13.
Moreover, on-chain data indicates that 1.87 million addresses have purchased Bitcoin between $59k and $62k, suggesting strong support in that area. This accumulation could provide further momentum for Bitcoin’s upward movement towards the $70k mark, which could mark an 11.13% increase from its current price.
However, should the market exhibit a shift in sentiment toward bearishness, the BTC token could see its prices dip to $59.95k to find support before attempting another rebound. A breach below this zone could further pull Bitcoin to more profound levels to settle on its previous support around the $54k mark.
At press time, BTC trades at $63,532.71, marking a 5.8% increase compared to its previous closing price. Its market cap has also reflected the market uptick, now at $1.252 trillion, while its 24-hour trading volume dominance remains steady, surging 37.86% to $33.14 billion.
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Also Read: Germany’s Bitcoin Stash Runs Low; Are BTC Prices Set to Soar?
