Crypto Market Watch: Bitcoin surges past $65,000 despite sell-off events

Bitcoin has risen above $65,000 and has shown tenacity in the face of large sell-offs, such as the removal of 91,755 BTC from Mt. Gox. The outlook for the cryptocurrency market is still positive, as seen by the enormous inflows into spot Bitcoin ETFs.

Bitcoin has risen above $65,000, demonstrating its endurance in the face of notable sell-offs. Even with the latest migration of 91,755 BTC (worth $5.8 billion) from Mt. Gox, the cryptocurrency market is still recovering. This suggests that the market is moving in a bullish direction.

Since its introduction in January, spot bitcoin ETFs have drawn inflows of over $16 billion, with $300 million added only this week, according to CoinSwitch Markets Desk. Steady investments have been made in major funds like Fidelity’s Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust, indicating strong investor demand for regulated Bitcoin exposure.

CoinDCX Market Movement shows that the cryptocurrency market is expanding, as evidenced by ETH reaching $3,500 and BTC surpassing $65,000. In order to sustain its positive momentum, Bitcoin needs to stay above $60,000 and break through the $68,000 barrier. For ETH to remain above $3,350, it must breach $3,650. The level of volatility has gone up and is predicted to stay high this week.

The day’s best performer is Worldcoin’s WLD token, which had a 20% rise and broke its protracted downward trend.

The CEO of Mudrex, Edul Patel, observes that the price of Bitcoin, which is presently trading around $65,000, is still rising. Bulls in the market are now targeting $71,500 after lifetime net inflows into US spot Bitcoin ETFs surpassed $16 billion on Monday. With the next major resistance at $67,200 and support at $64,250, a rise above the $66,500 resistance could spark additional positive momentum.

WazirX vice president Rajagopal Menon discusses Bitcoin’s incredible rise, which saw it rise by more than 15% and break through the significant $65,000 barrier. The $66,500 mark is being watched by analysts as the first significant obstacle. The hourly RSI shows significant buying pressure, and the spike in XRP trading volume points to a possible breakout as the cryptocurrency breaks through important resistance levels and finds support.

Co-founder of Shardeum Nischal Shetty points out that despite significant sell-offs, such as those by the German government, Bitcoin is still robust. Despite their significance, the Mt. Gox settlements are not anticipated to trigger a widespread sell-off. Because of its liquidity, the market is now more confident, demonstrating the maturity and resiliency of Bitcoin.

Despite obstacles like the Mt. Gox repayments, Avinash Shekhar, Co-Founder & CEO of Pi42, notes that Bitcoin has hit a four-week high above $65,800. The market is trending well, and altcoins like XRP and Near Protocol are driving it. For Bitcoin, July often performs better than June, and this year is no exception.

The ability of Bitcoin to withstand significant sell-offs and market swings suggests that the market is mature and that investor confidence is high. The attitude surrounding the cryptocurrency market is still positive generally as altcoins continue to perform well. To predict future moves, investors are attentively observing important resistance and support levels.