The post Bitcoin Topped $68,000, What Has Driven The 17% Weekly Surge? appeared on BitcoinEthereumNews.com.

Bitcoin has gained around 17% since last weekend, which equates to around $9,000 over the past seven days or so. The asset was trading below $60,000 last weekend but surged to a six-week high above $68,000 on July 22. What has been driving market momentum for the past week, and will it continue? Bitcoin Is Back On July 22, industry research firm 10x Research provided a number of reasons for the big price pump. Firstly, there has been a shift in market sentiment when BTC broke above a key level at $61,133, changing the narrative from bearish to bullish. The analysis added that retail trading had been driving weekend rallies with retail investors, which fueled weekend gains and positive momentum carrying into Monday. This has been seen this weekend, with BTC gaining more than 6% since Friday. The asset hit a multi-week high of $68,480 during Monday morning trading in Asia. Additionally, after four weeks of net liquidity outflows totaling $8 billion, crypto markets saw $3.3 billion in inflows last week. “This influx, primarily from futures, stablecoins, and spot Bitcoin ETFs, marked a positive trend change.” Last week, spot Bitcoin ETFs racked up around $1.24 billion in inflows over five trading days, as reported by CryptoPotato. 10 Reasons Why #Bitcoin Surged 10% From Monday July 15 👇1-12) Often swayed by changing narratives, rumors, and speculation, Bitcoin can rapidly adjust its value based on new information. Since this past Friday, Bitcoin has surged by a significant 10%. What initially seemed… — 10x Research (@10x_Research) July 21, 2024 Spot Ethereum ETF hype has also contributed to market gains, as all indications are that they are set to begin trading on July 23. However, ETH prices have only managed to gain 4.5% over the past week, lagging behind Bitcoin’s. There have also been rumors…

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Filed under: News - @ July 22, 2024 8:22 am