Bitcoin Price Prediction: BTC Rebounds Above $63000, What\'s Next?

The news that the former President of the United States, Donald Trump, was the target of an attempted assassination caused the prices of cryptocurrencies

News that former US President Donald Trump was the target of an assassination attempt helped cryptocurrency prices rebound over the weekend. After bouncing off the crucial $60,000 level, bitcoin resumed its ascent on Monday, trading above $63,000.

Alongside bitcoin, key altcoins including Ethereum, Solana, Cardano and others surged, confirming the positive sentiment expected for the second half of the year. ETH rose by 5.4% to $3,372, Solana gained 5.6% to $153, and Cardano rose marginally by 2.7% to $0.44, according to data from CoinGecko.

Bitcoin AUM Records $1.35B Inflows

According to the latest report on assets under management (AUM) by CoinShares, weekly fund inflows rose substantially to $1.44 billion, bringing the total year-to-date inflows to $17.8 billion.

Bitcoin-related products, including exchange-traded funds (ETFs), accounted for the fifth-greatest weekly inflows of $1.35 billion. Meanwhile, “short-bitcoin saw the largest weekly outflows since April at $8.6 million,” the report noted, as reported by Coingape. The total bitcoin AUM stands at $65.3 billion, while the cumulative AUM is at $84.7 billion.

Bitcoin exchange-traded funds (ETFs) saw net inflows of over $310 million on Friday, July 12, SoSoValue reported. BlackRock's IBIT and Fidelity's FBTC emerged as the top ETFs, gathering the highest daily net inflows at $120 million and $115 million, respectively.

Notably, Grayscale's GBTC had a net inflow volume of $23 million, which may indicate a decrease in selling pressure. If the fund inflows continue this week, bitcoin price will gather momentum for a breakout that will hit $70,000.

What’s Next As Bitcoin Price Rises Above $63,000

During the US session on Monday, bitcoin price continued trading up above the $63,000 level. The primary coin, last valued at $63,038, is showing signs of an increasing trend that could push it closer to $70,000.

However, to justify the uptrend, bitcoin needs to establish support above $63,000 and close the day above this level.

Several indicators already support the bullish thesis to $70,000, starting with three applied Exponential Moving Averages (EMAs): the 20-day, 50-day, and 200-day.

If bitcoin does drop below $63,000, the fifty-day moving average at $62,324 will be the first to provide support. Other key levels include the 20-day exponential moving average (EMA) at $60,088 and the 200-day EMA at $58,255.

Traders can continue buying the signal that the Moving Average Convergence Divergence (MACD) indicator just reinforced. As long as the blue MACD line stays above the red signal line and the indicator continues rising, the bitcoin price prediction suggests that an uptrend will remain sustainable, especially above the immediate resistance level of $64,000.

Igniting fresh fear of missing out (FOMO) among investors, who may decide to buy more bitcoin in anticipation of a breakout to new all-time highs, could happen if bitcoin price breaks above $64,000. The bull run that could follow in 2024 and 2025 may push bitcoin above $100,000.

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