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Bitcoin on track for biggest weekly gain in 9 months

Bitcoin on track for biggest weekly gain in 9 months

Bitcoin (BTC) surpassed the $21,000 threshold for the first time in more than a week, and it is now making progress toward the $22,000 level, which it briefly surpassed during the early trading hours on July 8.

Notably, the flagship digital asset could be on track to post its highest weekly increase since October 3 of last year. The largest cryptocurrency measured by market capitalization saw its value increase by more than 13% over the last week; if this trend continues, it would be the largest rise over such a time period since 2021.

Currently, Bitcoin is trading at $21,590, up 5.32% in the last 24 hours and with a total market worth of $412 billion, according to CoinMarketCap data.

Bitcoin 7-day price chart. Source: CoinMarketCap

As per WazirX Trade Desk, who shared their thoughts on the current market movements:

“Bitcoin crossed the $22,000 level last day for the first time in 3 weeks as the traditional as well as the crypto markets responded positively to the reassurance given by the U.S. Federal Reserve that the concern regarding recession is blown out of proportion.”

WazirX added: 

“The BTC market sentiment also moved in the favourable direction, reaching 20 on the Fear & Greed index, the highest in 2 months.”

Expert opinion

According to crypto trading expert, Michaël van de Poppe the latest Bitcoin position looks ‘decent,’ as it grinds upwards. In a tweet on July 7, Poppe noted that Bitcoin needs to hold the $20,200 level before looking at the next target will be hitting $22,500.

On July 8, the professional trader highlighted that Bitcoin, after reaching highs, will be next likely expecting a build-up phase before breaking above 200-week Moving Average (MA).

“Well, Bitcoin, $22.3K was reached and all the highs have been taken for now. Some consolidation and build-up is required (might retest $20.7Kish) before markets are ready to break above 200-Week MA, which will be a heavy one.”

Bitcoin price chart. Source: Michael van de Poppe

Global crypto market sees a $100 million inflow

As a result of the climb led by the flagship digital asset, the global crypto market as a whole has benefited as over $100 billion has entered the cryptocurrency market capitalisation in the last week, according to CoinMarketCap data. 

Indeed as of July 1, the total market cap of all cryptocurrencies stood at $860,040 billion compared with $960,663 on July 8.

Global crypto market 7-day market cap. Source: CoinMarketCap

“Ethereum also broke the $1,200 vital level, and the price is not far from its resistance at US$1,281. Shiba Inu also rose after the ecosystem announced to get its stablecoin and new reward token. Overall, the market seems to be on bullish sentiment,” opined Edul Patel, CEO and Co Founder of Mudrex.

Ether, on the other hand, which is the token that is connected to the blockchain of Ethereum and is the second biggest cryptocurrency, increased in value by more than 7% to $1,254. In the meanwhile, the price of Dogecoin was up about 4% today, trading at $0.07, while the price of Shiba Inu (SHIB) was up over 7%, reaching $0.000011.

The crypto sector as a result of monetary tightening and a series of blowups in the digital asset industry, which is still coming to terms with its excessive use of leverage.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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