Bitcoin price soars above $66K as crypto market momentum ramps up
2024.07.19 15:14
Bitcoin climbed over $3,000 in four hours on July 19 as a fresh wave of volatility pushed the crypto market higher.
BTC/USD daily chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed a nightmare for short traders unfolding at the start of the weekend on July 19, with BTC/USD suddenly rising from $63,303 to $66,506.
At the time of publication, the gains were still mounting after the BTC/USD pair hit an intraday high of $66,773 on Bitstamp.
“New short-term highs for #Bitcoin means that the recent streak of higher highs and higher lows (uptrend behavior) is intact,” said independent Caleb Franzen, reacting to Bitcoin’s (BTC) sudden uptick over the last few hours.
“This has been constructive price action, with key breakouts above structural & dynamic levels. Bulls are increasingly regaining firm control over price.”
This week, the upside has been the focus for day traders as seller exhaustion and the failed assassination attempt on former United States President Donald Trump was followed by a run-up to just below $65,000.
Those betting on a continuation of the correction lost big on July 19, with today’s rally liquidating short positions worth $40.83 million within four hours amid a 24-hour total wipeout of $131.65 million.
Total crypto liquidations. Source: CoinGlass
CoinGlass’s Bitcoin liquidation heatmap shows BTC continuing to push through overhead ask liquidity at the time of writing time of publication with $83.38 million ask orders between $66,880 and $67,000 at risk of being liquidated in the short term.
Bitcoin liquidation heatmap. Source: Glassnode
Related: Bitcoin bulls charge toward $66K as BTC price eyes new 1-month high
Bitcoin retail demand at three-year lows
MN Capital founder Michaël van de Poppe spotted Bitcoin’s retail demand at three-year lows, saying that it reflects the current market sentiment.
The consistent inflows into Bitcoin investment products, including spot Bitcoin exchange-traded funds, suggest that BTC demand has largely been from institutional investors.
Van de Poppe shared a CryptoQuant chart showing that Bitcoin’s retail demand has been decreasing since its price hit all-time highs in March. He said this is the time for this metric to “turn around” for Bitcoin.
Source: Michaël van de Poppe
Market analysts believe that the Bitcoin bull run is usually driven by retail investors, who are yet to return to the market.
“The real bull run typically begins with massive buying volume driven by retail investors,” declared Woominkyu, a CryptoQuant author, in a July 17 post.
“And we have not yet seen this volume from retail investors.”
Bitcoin: Taker buy volume on all exchanges. Source: CryptoQuant
The longer-term picture remains more than positive, with analysts forecasting a Bitcoin price above $200,000 once BTC enters a parabolic uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
