Will Bitcoin (BTC) Price Hit New All-Time-High In July?

Bitcoin (BTC) price has added a whopping $10k in the past two weeks to hover around $65.6k on Wednesday during the early Asian session. The flagship coin briefly reached $66k on Wednesday, thus reclaiming crucial support levels to guarantee bullish momentum ahead.

Furthermore, Bitcoin price regained both the 50 and 200-day Moving Averages (MAs) as a support level. With the daily Relative Strength Index (RSI) aiming for the 70 level, the buyers are in control, aiming for a new all-time high soon,

What’s Fueling Bitcoin Price Growth

After the German government finalized its $2 billion Bitcoin sales over the weekend, the fear of further crypto capitulation has significantly diminished. Bitcoin’s fear and greed index rallied to 69 percent, indicating greed, as Bitcoin price pumped above $65k.

The notable cash inflows to the US spot Bitcoin ETFs in the past two weeks have significantly contributed to the ongoing market rebound. On Wednesday, BlackRock’s IBIT registered a cash inflow of about $260 million, while the rest of the issuers recorded a total cash inflow of around $162 million.

Meanwhile, the Mt.Gox crypto repayments have turned into a positive event for the industry as the case comes to an end after a decade of court battles. According to CryptoQuants CEO, Ki Young Ju, the Mt.Gox crypto repayments are overestimated and whales are just waiting to cash in on crowds fear.

BTC Price Targets

Having completed the recent downtrend in the past two weeks, Bitcoin’s price is now aiming to retest its all-time high above $70k. However, to guarantee upward momentum, Bitcoin’s price must consistently close above $67k in the coming weeks.

Otherwise, Bitcoin price could retract and retest the support level above $60k before rebounding to a new ATH.

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