Bitcoin (BTC) Price Spikes Above $62,000, But Will the Good Times Last?

Leading cryptocurrencies drifted sideways over the weekend as unanticipated market swings created an atmosphere of uncertainty.

Major cryptocurrencies remained largely rangebound over the weekend, as sharp market swings set an atmosphere of uncertainty.

Bitcoin briefly spiked above $62,000 on Sunday, concluding a week that saw the world’s largest cryptocurrency seesaw between the levels of $60,000 and $62,600. Concerns over the sale of Bitcoin by the U.S. and German governments continued to dampen investor sentiment.

After rising past $3,400, Ethereum price faced a slight pullback. Speculation was rife about a possible date for final approvals for spot exchange-traded funds.

On a positive note, Bitcoin Open Interest increased by 4% in the last 24 hours, indicating an influx of fresh money in the market. This could trigger significant volatility in the days ahead.

The majority of the new bets targeted Bitcoin’s price increase, as the number of traders opening bullish long bets increased significantly in the recent 24 hours.

At press time, The Cryptocurrency Fear & Greed Index flashed "Neutral," indicating a balance between bullish and bearish forces before the start of a fresh trading week.

Top Gainer (24-Hours)

The global cryptocurrency market cap stands at $2.31 trillion, following an increase of 2.41% in the last 24 hours.

Stock futures gained overnight on Sunday. The Dow futures added 52 points, or 0.13%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 advanced 0.23%, while Nasdaq 100 futures bumped 0.24%.

The S&P 500 and the tech-heavy Nasdaq Composite have been turbocharged lately due to the buzz surrounding artificial intelligence stocks, especially the AI giant NVIDIA Corp. (NASDAQ:NVDA).

This week, investors will be on the lookout for the June jobs report, due to be released on Friday. Markets will remain closed for the Fourth of July holiday.

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Analyst Notes: Popular investor and influencer Lark Davis, citing historical data, reminded that July has been a bullish month for cryptocurrencies.

He added that Bitcoin investors received an average return of 10.49% during the last five years, whereas Ethereum traders received an average return of 19.20%.

Another widely-followed analyst, Kevin Svenson, noted a strong weekly close for the world’s largest cryptocurrency.

He stated that demand wicks have signaled the bottom of every pullback since the beginning of 2023, and the current weekly close also showed a demand wick.

Photo by Igor Faun on Shutterstock

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