Bitcoin Surges Past $65,000 Mark, Showcasing Resilience Despite Sell-Off Events

The cryptocurrency's recovery continues, even with the recent movement of 91,755 BTC (worth $5.8 billion) from Mt. Gox. This indicates strong bullish

Bitcoin price continued its upward momentum on Monday, showcasing resilience amid significant sell-off events. The world’s leading cryptocurrency displayed bullish strength, recovering from the recent sell-offs.

Bitcoin price remained above the $65,000 mark on Monday, continuing its bullish momentum despite large sell-offs and the recent movement of 91,755 BTC (around $5.8 billion) from Mt. Gox. This indicated bullishness in the market.

CoinSwitch Markets Desk highlighted that spot bitcoin ETFs have attracted over $16 billion in inflows since their launch in January, with $300 million added just this week. Major funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund saw steady investments, indicating strong demand from investors for regulated Bitcoin exposure.

CoinDCX Market Movement highlighted that the crypto market showed bullishness, with BTC crossing $65,000 and ETH reaching $3,500. For Bitcoin to maintain its bullish momentum, it must stay above $60,000 and overcome the $68,000 hurdle. ETH needs to break through $3,650 and hold above $3,350. Volatility increased and is expected to remain high this week.

The top performer of the day was Worldcoin’s WLD token, which saw a 20% increase, ending its prolonged bearish trend.

Edul Patel, CEO of Mudrex, noted that Bitcoin continued trading around $65,000 with lifetime net inflows into US spot Bitcoin ETFs now at $16 billion on Monday. As the market bulls now aimed for $71,500, a move above the $66,500 resistance could trigger further bullish momentum, with the next key resistance at $67,200 and support at $64,250.

Rajagopal Menon, VP of WazirX, described Bitcoin’s stellar rally, surging over 15% and surpassing the crucial $65,000 resistance. As analysts watched the $66,500 level as the first major hurdle, the hourly RSI indicated strong buying pressure. At the same time, XRP also showed signs of a potential breakout as it converted key resistance levels into support, also helped by a surge in trading volume.

Nischal Shetty, Co-Founder of Shardeum, noted that Bitcoin remained strong despite large sell-offs, including those by the German government. The Mt. Gox settlements were also significant but not expected to cause a mass sell-off. This liquidity had boosted market confidence, showcasing Bitcoin’s maturity and resilience.

Avinash Shekhar, Co-Founder & CEO of Pi42, pointed out that Bitcoin reached a four-week high above $65,800, facing headwinds like the Mt. Gox repayments. Altcoins like XRP and Near Protocol led the market’s positive trend. Historically, July outperformed June for Bitcoin, and this year was no exception.

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