Bitcoin Surpasses $65,000 Amid Significant Sell-Offs, Spot ETFs Garner $16 Billion in Inflows

According to a report by Business Today, Bitcoin has surpassed the $65,000 threshold, demonstrating its resilience despite substantial sell-offs.

Bitcoin price surged past the crucial $65,000 resistance on July 15, showcasing its resilience despite substantial sell-offs, including a BTC transfer valued at $5.8 billion. The cryptocurrency market remained optimistic, with significant inflows into Bitcoin ETFs and robust investor demand.

According to a report by Business Today, Bitcoin price demonstrated resilience against substantial sell-offs as it breached the $65,000 threshold. Despite the recent transfer of 91,755 BTC (around $5.8 billion), the cryptocurrency continued its recovery from Mt. Gox, indicating a strong, optimistic trend in the market.

Data from the CoinSwitch Markets Desk showed that spot bitcoin ETFs had attracted over $16 billion in inflows since their launch in January, with an addition of $300 million during the week.

The sustained inflows highlighted strong investor demand for regulated exposure to Bitcoin, which was evident in the continuous investments by major funds, such as iShares Bitcoin Trust by BlackRock and Wise Origin Bitcoin Fund by Fidelity.

Highlighting the increasing momentum in the crypto market, the CoinDCX Market Movement showed BTC surging past $65,000 and ETH reaching $3,500. For Bitcoin to sustain its bullish momentum, it needed to remain above $60,000 and breach the resistance at $68,000. Meanwhile, ETH faced resistance at $3,650 and support at $3,350. Volatility was high and expected to continue throughout the week.

Worldcoin's WLD Token Surges 20%; Bitcoin Targets $71,500 Amid Strong ETF Inflows, Market Resilience

Among the tokens, Worldcoin's WLD experienced the highest gain of 20%, concluding its prolonged downtrend.

Edul Patel, the CEO of Mudrex, observed that Bitcoin was trading around $65,000 and had risen substantially. On July 15, the lifetime net inflows into US spot Bitcoin ETFs had crossed $16 billion, leading market participants to set sights on $71,500. Further bullish momentum could be triggered by a move above the resistance at $66,500, with the next strong resistance at $67,200 and support at $64,250.

Describing Bitcoin's remarkable rally that saw the price cross the crucial resistance at $65,000 and surged over 15%, Rajagopal Menon, VP of WazirX, noted that analysts were watching the first major hurdle at $66,500. The hourly RSI indicated strong buying pressure, and XRP had high trading volume, suggesting a potential breakout as key resistance levels turned into support.

Nischal Shetty, Co-Founder of Shardeum, observed that Bitcoin had shown resilience in the face of large sell-offs, such as those made by the German government and others. While the Mt. Gox settlements were large, they were not expected to lead to a mass sell-off. This liquidity had boosted market confidence, showcasing Bitcoin's maturity and resilience.

Despite the Mt. Gox repayments, Bitcoin had reached a four-week high above $65,800 on July 15, as noted by Avinash Shekhar, Co-Founder & CEO of Pi42. The positive trend in the market was being led by altcoins, including XRP and Near Protocol. Historically, July had been stronger for Bitcoin than June, and this year was no exception.

The ability of Bitcoin to withstand significant market fluctuations and sell-offs suggested a maturing market and robust investor confidence. Overall, the sentiment in the crypto market remained optimistic, with altcoins also displaying strong performance and investors keeping a close watch on crucial resistance and support levels to anticipate future movements.

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