Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near?

Prices in the cryptocurrency market regained strength over the weekend amid news of former US President Donald Trump’s attempted assassination. Bitcoin price rebounded above the pivotal $60,000 level and continued with the rally above $63,000 on Monday.

Altcoin majors Ethereum, Solana, Cardano, and more rallied alongside BTC, affirming the bullish outlook anticipated in the second half of the year. According to CoinGecko data, ETH increased by 5.4% to $3,372, Solana by 5.6% to $153 and Cardano by a modest 2.7% to $0.44.

Bitcoin AUM Records $1.35B In Inflows

The latest report on assets under management (AUM) by CoinShares, revealed a significant surge in weekly fund inflows to $1.44 billion, boosting the year-to-date inflows to $17.8 billion.

Bitcoin-related products, including BTC ETFs, accounted for $1.35 billion, marking the coin’s 5th largest weekly inflows. At the same time, “short-bitcoin saw the largest weekly outflows since April at $8.6m.” The total BTC AUM is currently at $65.3 billion while the cumulative AUM stands at $84.7 billion.

Bitcoin price chart | Tradingview

Data by SoSoValue indicated that Bitcoin ETFs saw over $310 million in net inflows on Friday, July 12. BlackRock’s IBIT and Fidelity’s FBTC came out as the strongest-performing ETFs with $120 million and $115 million daily net inflows, respectively.

The $23 million net inflow volume in Grayscale’s GBTC is commendable and could signal reducing selling pressure. Should fund inflows continue this week, Bitcoin price would build momentum for a breakout targeting $70,000.

What’s Next As Bitcoin Price Rises Above $63,000

Bitcoin price had extended the up leg above the $63,000 mark during US business hours on Monday. Hovering at $63,038, the largest cryptocurrency shows signs of a strengthening trend to close the gap to $70,000.

However, BTC needs to confirm support above $63,000 and probably close the day above this level to validate the uptrend.

Several indicators already back the bullish thesis to $70,000 starting with three applied Exponential Moving Average (EMAs) including the 20-day, the 50-day, and the 200-day.

The 50-day would be first in line to provide support at $62,324 in case BTC reverses below $63,000. Other key levels are the 20-day EMA at $60,088 and the 200-day EMA at $58,255.

Traders may continue to take advantage of the buy signal recently confirmed by the Moving Average Convergence Divergence (MACD). As long as the blue MACD line holds above the red signal line as the indicator climbs, Bitcoin price prediction points to a sustainable uptrend, especially above the $64,000 immediate resistance level.

Breaking above $64,000 could rekindle FOMO among investors who may decide to buy more Bitcoin in anticipation of a breakout to new all-time highs. The potential bull run in 2024 and 2025 could bolster BTC above $100,000.