Can Bitcoin Bulls Surpass 100 Million Worth of Asks as BTC Price Hits 66000

Bitcoin soared to a record high of $66,000 on July 17, as consistent buying pressure helped bulls secure four-week highs. The price of BTC increased by 15% in less than a week, reaching $66,129 on Bitstamp after the latest daily close. Despite the sell-side pressure caused by the movement of coins associated with the defunct exchange Mt. Gox, BTC/USD rebounded and delivered significant gains since the start of the uptrend on July 12. Traders and analysts were impressed by the resilience of Bitcoin, as resistance on exchange order books did not hinder its upward trajectory. However, there are still challenges ahead, as resistance towards all-time highs and rising open interest pose obstacles for further market growth. Buyers will need to step in to push the market even higher. Meanwhile, other traders hope that limit buyers on dips will continue to support the short-term price action, maintaining the gains achieved throughout the week. In addition to the price rally, flows for United States spot Bitcoin exchange-traded funds (ETFs) have also increased. On July 16, these ETFs saw net inflows of $422 million, marking one of the largest single-day tallies since their launch in January. The positive flow of funds into Bitcoin ETFs further complemented the upward trend in BTC price. It is important for readers to conduct their own research before making any investment decisions, as this article does not provide investment advice or recommendations.