U.Right this moment – Bitcoin, the primary and largest cryptocurrency by market cap, recorded its greatest achieve in practically two months, hitting $63,000, following sturdy bullish momentum over the weekend. Bitcoin is on monitor to report its fourth consecutive day of positive factors after a protracted bounce from final Friday's low of $56,538.

Bitcoin hit an all-time excessive of round $74,000 in mid-March, buoyed by demand for U.S.-listed exchange-traded funds, earlier than falling as a consequence of declining inflows, the sale of seized tokens and considerations over the collapse of the Mt. Gox trade.

Bitcoin then fell to $53,499, a degree recorded in February, on July 5 after elevated promoting strain. After a number of days of consolidation, Bitcoin rebounded and started to rise.

From a technical perspective, Bitcoin's latest worth rally has been fueled by a significant breakout that noticed BTC surpass the important thing degree of the 200-day easy transferring common (SMA).

This technical breakout additional inspired bulls and pushed the worth greater. In line with crypto analyst Ali Martinez, a decisive breakout above this degree was wanted to maintain Bitcoin’s bullish momentum.

In an earlier tweet, Ali predicted that BTC may rise to $63,800 if it manages to maintain above the $59,200 resistance degree, which coincides with the day by day SMA 200.

On the time of writing, BTC is up 4.12% over the previous 24 hours to $62,745 after hitting an intraday excessive of $63,293.

Cryptocurrency market surges

The surge in Bitcoin's worth is a part of a broader rally within the cryptocurrency market, with different main cryptocurrencies additionally seeing important positive factors, contributing to bullish sentiment.

In line with information from CoinGlass, the equal of $125 million was liquidated up to now 24 hours, of which $101.43 million represented bearish bets by merchants hoping the worth of the cryptocurrency would fall.

Bitcoin made up practically half of this determine, with BTC shorts shedding $49.45 million as a consequence of liquidations.

In line with on-chain analytics agency IntoTheBlock, Bitcoin has reclaimed the $62,000 help degree however resistance stays sturdy above it, however ample bullish momentum may thrust back promoting strain.

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