Bitcoin Surpasses $66,000 as Momentum Builds in Crypto Market Bitcoin’s price reached a new one-month peak, nearing $67,000, driven by a convergence of bullish factors propelling cryptocurrencies upward.
Bitcoin surged by over $3,000 within a span of four hours on July 19, driven by a fresh wave of volatility that propelled the crypto market upward. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD witnessed a rapid increase from $63,303 to $66,506 at the beginning of the weekend.
As of the latest update, Bitcoin continued to climb after reaching an intraday peak of $66,773 on Bitstamp. Independent analyst Caleb Franzen commented on the situation, noting that Bitcoin’s recent surge to new short-term highs maintains an uptrend pattern of higher highs and higher lows, indicating constructive price action with bullish control strengthening.
Earlier in the week, day traders focused on the upside following signs of seller exhaustion and geopolitical events such as the failed assassination attempt on former President Donald Trump, which contributed to Bitcoin nearing $65,000.
Short traders betting on a correction continuation faced significant losses on July 19, with a rally that liquidated short positions amounting to $40.83 million within four hours, part of a total liquidation of $131.65 million over 24 hours.
According to CoinGlass’s Bitcoin liquidation heatmap, BTC was challenging overhead ask liquidity, with approximately $83.38 million in ask orders between $66,880 and $67,000 at risk of being liquidated in the near term.
Meanwhile, Michaël van de Poppe, founder of MN Capital, observed that Bitcoin’s retail demand had dropped to three-year lows, reflecting current market sentiment. He highlighted institutional investors’ continued inflows into Bitcoin investment products, including spot Bitcoin exchange-traded funds, as a significant source of demand.
Van de Poppe referenced a CryptoQuant chart indicating a decline in Bitcoin’s retail demand since reaching all-time highs in March, suggesting that a reversal in this metric could be imminent for Bitcoin.
