Bitcoin surged to $63,000, highest in two months, aided by breaking past 200-day SMA.

From Investing.com
July 15, 2024 10:00 AM:

Bitcoin, the largest cryptocurrency, surged to $63,000, the highest in nearly two months. It is on a four-day winning streak after bouncing back from $56,538 lows. In March, it hit a peak of $74,000 due to ETF demand, then dropped over Mt. Gox fears. After dipping to $53,499, it made a strong recovery.

BTC’s recent surge surpassed the 200-day SMA, aiding the rally. Analysts see a break past $59,200 as vital for sustained bullish movement. At $62,745 now, with a 4.12% increase, BTC aims for $63,800 soon. Market-wide, $125 million was liquidated in 24 hours, $101.43 million being bearish bets, with BTC shorts losing $49.45 million.

Alongside Bitcoin’s rise, the wider crypto market saw gains, boosting bullish sentiment overall. Despite resistance at $62,000, the bullish momentum could offset selling pressure. The market awaits further developments to drive prices higher.

Read more at Investing.com: Key Reason Why Bitcoin Just Hit $63,000: Details By U.Today