Bitcoin Defying Gravity: Explodes 11% As BTC Bulls Target $66,000

Dalmas Ngetich•Tuesday, July 16, 2024•1 min read

Bitcoin is defying gravity, looking at the performance in the daily chart. After doubts of last week and the hesitation among bulls to breach $60,000, the breakout has been decisive. Notably, prices are now firmly above $62,000 and extending gains from the psychological round number, confirming the presence of buyers. From a technical perspective, it is clear that bulls are in the driving seat now that prices are trending above the flexible 20-day moving average.

Amid optimism of even more gains going forward, Bitcoin is stable in the past 24 hours and up by over 11% in the previous week. At this pace, it is evident that buyers are in the driving seat. In the past day, engagement has increased to over $37 billion in 24 hours. If prices continue rallying, confirming the bullish breakout of the past 48 hours, participation will also spike.

Bitcoin Daily Chart for July 16

Traders are closely monitoring the following Bitcoin news events:

Following gains of the past 48 hours, it appears that there are new traders keen on accumulating. The short-term holder supply now stands at above 200,000, pointing to surging demand. Technically, the more there are traders, the stronger the upside momentum.
Bitcoin is surging partly because of increasing odds of former president Trump clinching the presidency in November. Over the weekend, he survived an attempt on his life. This coincided with crypto and BTC prices rallying.