Bitcoin reached $63,000 as the upward momentum continued in the cryptocurrency markets after the assassination attempt on US presidential candidate Donald Trump.
So will the upward momentum in BTC continue? According to Martixport analysts, the answer is “yes.”
Matrixport analysts think that this rise will continue for a longer time as whales, institutional investors and retail investors start buying BTC again.
At this point, analysts said that after the Donald Trump assassination attempt, the Bitcoin price gained great momentum by closing the week above $ 60,000 and rose above $ 63,000 with the support of spot and derivative purchases.
Stating that these purchasing movements will continue, analysts think that this will make BTC less dependent on macroeconomic events and expect the rise to continue with factors such as strong ETF inflows and US inflation continuing to decline.
“Spot Bitcoin ETF inflows finished the week (Friday) with $310 million in inflows, marking the highest level in more than a month.
ETF inflows are likely to continue as last week's CPI data was weaker than expected, while ETF inflows are closely tied to inflation data.
In particular, initial institutional buying appetite, driven by high arbitrage opportunities, has shifted to individual investors who are less sensitive to stop-loss.
The shift from institutional to individual investors could sustain buying activity in Bitcoin for a longer period of time and make it less dependent on macroeconomic data.
“This ultimately shows that the rise will continue for a while.”
Popular analyst Rekt Capital also stated in his analysis on July 15 that the crazy bull trend in Bitcoin is over and that Bitcoin has finally risen above its 1.5-month downward trend. At this point, the analyst added that BTC is ready to start a new cluster of price action above $65,000.
*This is not investment advice.
