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The leading cryptocurrency, Bitcoin, fell below $54,000 on Friday due to the selling pressure it experienced following the transfers made within the scope of the German government and Mt.Gox refunds.
While BTC fell to levels last seen in February, it recovered today and rose above $57,000.
Analysts say this recovery is due to investors’ Mt. Gox’s $8 billion BTC refund shows that the US and German governments are starting to overcome the pressure from BTC sales, he said.
Additionally, analysts said that net inflows in spot Bitcoin ETFs also supported the recovery.
Biggest Net Inflow in Spot Bitcoin ETFs in a Month!
According to Coinglass data, US-based spot Bitcoin ETFs experienced the largest net inflow day since June 6 on July 5, following two consecutive days of net outflows, recording a total inflow of $143 million.
Analysts said the significant inflows into ETFs showed that institutional investors and whales were taking advantage of the decline to accumulate Bitcoin at lower prices.
Bitcoin Needs to Make Its Weekly Close Above $60,600!
Evaluating the latest price movements of Bitcoin in his latest YouTube video, pseudonymous analyst Rekt Capital said that Bitcoin should close its weekly close above $ 60,600 to avoid further corrections.
The analyst also emphasized that apart from the weekly close, BTC should gain more momentum to rise in the $57,000 to $65,000 price range.
He added that if BTC gains upward momentum between $57,000-65,000, the price could rise to $65,000-73,000.
“Bitcoin needs to make its weekly close above $60,600 to start rising again. Especially if Bitcoin fails to do this, the previous support will turn into resistance.
“After breaking the $60,600 resistance, BTC should also gain more momentum to rise in the $57,000 to $65,000 price range.”
*This is not investment advice.
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