Bitcoin has returned to the $63,000 level during early trading on Monday, July 15. This marks a two-week high, prompting some analysts to suggest that the downtrend has broken.
On July 15, on-chain analytics platform CryptoQuant suggested that the move has been driven by “U.S. whales” as institutional Bitcoin purchases increase again.
Coinbase Premium Gap
Analysts looked at the Coinbase premium gap to determine the trend shift.
“Looking at the Coinbase premium gap, the movement of U.S. whales, which had a selling trend, has recently become buy.”
The Coinbase premium gap is the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair). High premium values could indicate strong buying pressure from investors in the United States.
CryptoQuant analysts added that so far, “it is only a rebound that slightly compensates for the decline.”
However, the fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into spot Bitcoin ETFs on weekdays, they added before concluding that there is a possibility of more upward momentum. More than a billion dollars flowed into spot Bitcoin ETFs in America last week. However, retail trading remained subdued.
CryptoQuant concluded that the market was due to a period of recovery following a prolonged pullback.
“Even from a psychological perspective, it appears to be a good period for Bitcoin to rebound, as market participants have already experienced fear and frustration due to a considerable period of adjustment.”
Market analyst ‘Rekt Capital’ noted that the downtrend had been broken when the asset topped $61,500, and BTC was about to reclaim the post-halving reaccumulation range.
Fellow analyst Michaël van de Poppe commented, “Global uncertainty is rising after the assassination attempt on Trump.”
He added that this was an “ideal climate” for Bitcoin to go upwards consistently.
BTC Price Outlook
With BTC reclaiming $63,000 on July 15, the next level of resistance lies around the $65,000 price zone, which was last breached on June 20.
At the time of writing, the asset was trading at just over $63,000, following a gain of 4.7% over the past 24 hours.
Moreover, total market capitalization has increased by over $100 billion in rare weekend trading activity, largely influenced by the Donald Trump assassination attempt.
