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Bitcoin Price Rebounds Over the Weekend After Earlier Slump
Bitcoin (BTC) has recovered from a recent decline, surging over 10% this weekend and surpassing the $64,000 mark after dipping to as low as $56,800 on Wednesday.
Renewed Interest in Bitcoin
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A return of inflows into US spot Bitcoin exchange-traded funds (ETFs), particularly the first-time inflows into Grayscale Bitcoin Trust, fueled the upswing. Investor confidence appears to be returning, shifting from “fear” last week to “greed” over the weekend, according to the Alternative fear and greed index.
The recent price rebound has coincided with a decline in Bitcoin liquidations, suggesting a stabilizing market.
Other News Supporting Bitcoin Price
- Bitcoin’s most popular testnet needs a reboot due to “block storms” and projects charging for testnet Bitcoin (TBTC).
- Grayscale, the world’s largest crypto asset manager, has seen a return of inflows into its flagship GBTC fund after four months of outflows.
- Financial technology firm Block, owned by Jack Dorsey, announced plans to invest 10% of its Bitcoin-related profits in monthly BTC purchases.
Analyst Predictions
- Ki Young Ju, CEO of CryptoQuant, reported significant Bitcoin accumulation by whales on Friday, suggesting a buying opportunity.
- Technical analyst Rekt Capital sees the recent correction as a precursor to a potential price increase in mid-September to mid-October 2025.
- BitMEX founder Arthur Hayes anticipates Bitcoin regaining momentum as market conditions improve, potentially stabilizing between $60,000 and $70,000 until August.
BTC/USD Technical Analysis
Bitcoin is facing resistance near $64,500, despite trading above $62,500 and the 100 hourly simple moving average.
A clear break above $65,500 could send the price higher towards $68,000. If Bitcoin fails to overcome $64,500 resistance, it could revisit the $61,500 support level.
Bitcoin’s MVRV ratio indicates that holders within the last 30 days are profiting due to the recent price increase. Despite the surge, prominent crypto analyst Ali Martinez believes Bitcoin remains in a “prime buy zone” based on the MVRV 90-day Ratio.
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