Bitcoin (BTC) Regained Momentum During the Weekend and Started Climbing, New All-Time High Possible This Summer

Bitcoin (BTC) regained momentum during the weekend and started climbing from the $56000 price zone to the current $63585.22

Bitcoin (CRYPTO: BTC) started the week trading at $63,585.22, up nearly 12% from last Monday.

The world’s largest cryptocurrency by market capitalization started climbing from the $56,000 price zone, quickly leaving behind the worst part of its correction, according to industry experts.

Bitcoin finished a 25.2% correction that lasted 42 days, according to the trader known as Rekt Capital, in an X post.

Additionally, repayments to Mt. Gox creditors and the end of the BTC liquidation by the German government might suggest the worst correction of the current period might be over, Hank Wyatt, founder of DiamondSwap, told Crypto Briefing.

“These events had exerted significant downward pressure, but with them mostly behind us, Bitcoin has the potential to trade within a higher range, assuming no new macroeconomic disruptions happen,” Wyatt added.

Bitcoin started rebounding after the German government was done selling its BTC holdings, according to James Davies, Founder and CPO of CVEX.

Despite claims that the Trump incident was the major factor behind the price growth during the weekend, Davies pointed out that the upward movement started earlier in the day.

“The rally started earlier and was even more pronounced during Asian trading hours. In my view, this suggests the rebound is a return to fair value, as the market was temporarily oversold due to insufficient liquidity to absorb the temporary sell pressure,” he added.

Mehdi Lebbar, co-founder and president of Exponential.fi, also told Crypto Briefing that the market is looking bullish on Bitcoin after the German government depleted its Bitcoin stash.

Furthermore, since the repayment of Mt. Gox’s creditors happened 10 days ago, the market can assume that the ones who needed to realize profits have already done so, Lebbar added.

Although Bitcoin has reclaimed important price levels, the market expects that the largest crypto by market cap will still trade within its previous range between $65,000 and $71,000 for the next few weeks.

The first rate cut from the Fed, set to happen in September, could be able to break this range.

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