Bitcoin (BTC) continued to trade near the $63,000 level, supported by renewed inflows into spot Bitcoin ETFs and short positions liquidated, while investors awaited the currency's ability to consolidate its gains and confirm the continuation of the upward trend.
According to crypto.news data, Bitcoin traded at around $62,675 , marking a slight increase of 0.1% over the past 24 hours, while its weekly gains reached 4.03% . Its market capitalization also rose to approximately $1.26 trillion , with a daily trading volume of $17.57 billion .
Over the past 24 hours, the currency has moved between $62,462 and $63,383 , remaining close to the $63,000 mark after recovering from levels between $58,000 and $59,000 in late June.
In a related context, Strategy Chairman Michael Saylor described Bitcoin as a digital energy in a post on the X platform, following previous statements in which he affirmed that the long-term growth of the currency depends on the development of capital and credit markets and the expansion of institutional adoption.
For his part, analyst Daan Crypto Trades explained that the recent rise was supported by short squeezes , as the price surge forced traders with short positions to close their positions, providing additional momentum for the upward movement.
Despite improved sentiment, analysts remain focused on the $62,600 level, which coincides with the 200-week moving average, as a key support level that could determine the market's next direction. Observers believe that maintaining trading above this level could bolster the chances of a continued recovery, while a break below it could reignite selling pressure and open the door for a retest of the $60,000 level.
Meanwhile, analyst BATMAN noted that Bitcoin is still moving within a descending wedge pattern on the daily chart, coinciding with the emergence of a positive divergence on the Relative Strength Index (RSI), which may reflect a decline in selling momentum.
He added that the $67,500 to $71,000 area represents a key resistance range that the currency may target if it succeeds in confirming the upward breakout, but weak trading volumes still prompt analysts to be cautious before confirming the continuation of the upward wave.
