Bitcoin Surpasses $66,000 for the First Time in Weeks

On July 17, Bitcoin surpassed $66,000. Recent gains have been driven by whales and institutional investors.

Azcnews Bitcoin Surpasses $66,000 For The First Time In Weeks

Bitcoin (BTC) surpassed the $66,000 mark on July 17 for the first time in weeks, reversing a bullish trend that began with the legal actions against former President Donald Trump, a U.S. presidential candidate. This price surge has reignited optimism among BTC holders for a potential rally. Despite the price increase, there remains curiosity about whether the bears will make a move to regain control. So, what is currently happening in the Bitcoin landscape?

Btc Chart
Btc Chart

Current State of Bitcoin Investors

Recent data on Bitcoin reveals a low participation rate from retail investors in the recent price surge. In other words, it wouldn’t be inaccurate to say that whales and institutional buyers have been the primary drivers of the rally over the past two weeks. This situation indicates that retail investors have generally stayed on the sidelines in recent weeks, likely due to concerns about the German government’s potential sell-off and the impending payments to Mt. Gox creditors.

The most evident market observation today is that Bitcoin is over $8,000 short of its all-time high (ATH). However, it’s accurate to state that there are several resistance zones between the current level and the ATH. Conversely, investors who bought the dip might create some resistance and potential pullbacks in the coming days as they take profits.

Bitcoin Liquidity Inventory
Bitcoin Liquidity Inventory

The significant interest from institutional investors in Bitcoin ETFs mitigates the potential selling pressure from retail investors. In recent weeks, BTC dipping below $60,000 has presented an unexpected buying opportunity for many whales and retail investors to add to their positions.

Current State of Bitcoin

The downtrend throughout most of June and the first week of July caused concern among retail investors. This situation, combined with the apprehension of individual investors, might explain why interest in BTC waned during this period.

However, the current interest from institutions and the positive inflow of funds into ETFs since last week could revitalize the market. It’s also accurate to say that long-term investors are making strategic moves and adopting a more forward-looking approach in their investments.

The actions of institutional investors, whales, and long-term investors driving the market upwards might induce a sense of FOMO (Fear of Missing Out) among retail investors in the coming weeks, potentially paving the way for BTC prices to climb even higher.

(1 vote)

5.0/5

(1 vote)

Latest

Binance Completes Gopax Acquisition, Paving The Way For A South Korean Comeback

News | Editor Choice | Policy & Regulations

Binance Completes Gopax Acquisition, Paving the Way for a South Korean Comeback

According to a report from South Korean outlet MK, the world’s largest cryptocurrency exchange Binance has officially completed its acquisition of Gopax, one of the five licensed digital asset exchanges in South Korea.

Why Hyperliquid Is Becoming Unstoppable

News | Altcoin | Editor Choice

After the Crash and Scandal: Why Hyperliquid Is Becoming Unstoppable

Amid record-breaking liquidations and a listing scandal that rocked Binance, Hyperliquid has risen as DeFi’s “fortress of steel” — a living testament to the true power of transparency and decentralization.

Bitcoin Faces A Disastrous Year As Uptober Turns Into Floptober

News | Bitcoin | Editor Choice

Bitcoin Faces a Disastrous Year as Uptober Turns into Floptober

Once expected to soar during “Uptober,” Bitcoin has instead stumbled into one of its worst years ever, turning the traditionally bullish month into a gloomy “Floptober.”

Us Seizes $15 Billion In Bitcoin, Hunts Cambodian Tycoon

News | Bitcoin | Editor Choice

US Seizes $15 Billion in Bitcoin, Hunts Cambodian Tycoon in World-Shaking Crypto Fraud Case

Global financial markets are reeling after the US Department of Justice unveiled what it calls the largest cryptocurrency fraud case in history, implicating Cambodian businessman Chen Zhi, chairman of Prince Holding Group.

Investors In Panic, Binance Flooded With Sell Orders

News | Altcoin | Editor Choice

Investors in Panic, Binance Flooded with Sell Orders

After a historic crash that wiped out more than $19 billion in market capitalization within hours, the crypto market is still struggling to recover. Fresh data from CryptoQuant reveals a deepening wave of pessimism across Binance, as traders rush to deposit funds and trigger massive sell orders.

Screenshot 2025 09 10 100533