{"id":627151,"date":"2024-07-01T08:10:03","date_gmt":"2024-07-01T08:10:03","guid":{"rendered":"https:\/\/wncen.com\/?p=627151"},"modified":"2024-07-01T08:04:23","modified_gmt":"2024-07-01T08:04:23","slug":"bitcoin-price-blasts-past-63000-top-3-reasons","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-blasts-past-63000-top-3-reasons\/","title":{"rendered":"Bitcoin Price Blasts Past $63,000: Top 3 Reasons"},"content":{"rendered":"

Over this past weekend, Bitcoin (BTC) experienced a significant rally, pushing its price above $63,000\u2014an increase of 5.6% since hitting a low below $60,000 on Friday. This unexpected surge occurred despite a lack of major news triggers, leading to speculations and analyses concerning the underlying causes. Here\u2019s a deep dive into three key factors that might explain this weekend\u2019s price action.<\/p>\n

#1 Mysterious Bitcoin Whale Activity<\/h2>\n

According to DeFi^2 (@DefiSquared), the number one ranked trader on Bybit and a leading wallet on DeBank, a mysterious “whale” has been active in the Binance perpetual futures market. DeFi^2 noted<\/a> significant buying activity from this entity, stating, “Since the local BTC lows on Friday, almost the entire bounce this weekend is from a single entity on Binance Perps that has hammered over $450 million in buys in 500 BTC blocks at a time during the lowest liquidity hours of the market.”<\/p>\n

Related Reading: Bitcoin Records Surge In Retail Investors \u2013 Is A Price Rebound On?<\/a><\/div>\n

DeFi^2\u2019s analysis sparked speculations about the whale’s potential strategies, especially considering the impending Mt. Gox distribution<\/a>, which could further influence Bitcoin\u2019s liquidity and price stability. He elaborated, \u201cCurious what the endgame is right before the start of Mt Gox distribution. With a position of this size, in order to exit they’ll either need to run the market high enough to cause a short squeeze, or end up becoming a massive cascade risk if the market goes against them.\u201d<\/p>\n

#2 Open Interest Build Up<\/h2>\n

Crypto trader Daan Crypto Trades (@DaanCrypto) provided insights into how the futures market contributed to Bitcoin\u2019s price movements. His focus was on the relationship between open interest and market price, a critical indicator of market sentiment and potential future volatility.<\/p>\n

\u201cDuring this run up, we’ve mostly seen Open Interest rise with a few relatively small short squeezes and some long profit taking in between. I think there’s a lot of underwater shorts from the ~$60K region that should get squeezed out if price were to keep grinding higher. That $65K region is still a big area to watch out for,” Daan wrote<\/a>.<\/p>\n

Related Reading: Bitcoin Miner Selling Cools Off \u2013 Is This The Breakout Moment?<\/a><\/div>\n

Interestingly, open interest on Bitcoin increased from $30.97 billion on Saturday to $32.21 billion by Monday, based on data<\/a> from Coinglass. Despite this rise in open interest, the weekend did not see substantial short squeezes. The liquidation of only $35 million in BTC shorts during this period was relatively modest compared to past events, such as on May 20 when the price surge from $66,000 to $71,500 resulted in $84.2 million in short liquidations.<\/p>\n

\"Bitcoin
Bitcoin analysis | Source: X @DaanCrypto<\/span><\/figcaption><\/figure>\n

#3 Technical Breakout<\/h3>\n

Another contributing factor was likely a technical breakout for Bitcoin, which shifted the market momentum. Popular crypto analyst CRG (@MacroCRG) described<\/a> the weekend’s price movement as a “beauty of a breakout.” He highlighted that both funding rates and the perpetual futures basis remained flat, which usually precedes a strong market move.<\/p>\n

\u201cThat’s a beauty of a breakout. Funding + perps basis flat. Weekly close in 1H + weekly candle is a ginormous pinbar with an 8% wick (high probability reversal candle). Full send,\u201d he stated.<\/p>\n

\"Bitcoin
Bitcoin breakout, 4-hour BTC\/USD chart | Source: X @MacroCRG<\/span><\/figcaption><\/figure>\n

The technical analysis shows Bitcoin breaking a descending trendline that has been in place since it peaked at about $72,000 in early June. The break through this trendline on the 4-hour Binance chart, as noted by CRG, signals a potential reversal from the recent bearish trend.<\/p>\n

Moreover, the BTC weekly close presents a significant bullish signal\u2014a large pinbar candle with an 8% wick\u2014indicating potential for upward movement.<\/p>\n

At press time, BTC traded at $63,232.<\/p>\n

\"Bitcoin
BTC price rises above $63,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Over this past weekend, Bitcoin (BTC) experienced a significant rally, pushing its price above $63,000\u2014an increase of 5.6% since hitting a low below $60,000 on Friday. This unexpected surge occurred despite a lack of major news triggers, leading to speculations and analyses concerning the underlying causes. Here\u2019s a deep dive into three key factors that might explain this weekend\u2019s price action. #1 Mysterious Bitcoin Whale Activity According to DeFi^2 (@DefiSquared), the number one ranked trader on Bybit and a leading wallet on DeBank, a mysterious “whale” has been active in the Binance perpetual futures market. DeFi^2 noted significant buying activity from this entity, stating, “Since the local BTC lows on Friday, almost the entire bounce this weekend is from a single entity on Binance Perps that has hammered over $450 million in buys in 500 BTC blocks at a time during the lowest liquidity hours of the market.” Related Reading: Bitcoin Records Surge In Retail Investors \u2013 Is A Price Rebound On? DeFi^2\u2019s analysis sparked speculations about the whale’s potential strategies, especially considering the impending Mt. Gox distribution, which could further influence Bitcoin\u2019s liquidity and price stability. He elaborated, \u201cCurious what the endgame is right before the start of Mt Gox distribution. With a position of this size, in order to exit they’ll either need to run the market high enough to cause a short squeeze, or end up becoming a massive cascade risk if the market goes against them.\u201d #2 Open Interest Build Up Crypto trader Daan Crypto Trades (@DaanCrypto) provided insights into how the futures market contributed to Bitcoin\u2019s price movements. His focus was on the relationship between open interest and market price, a critical indicator of market sentiment and potential future volatility. \u201cDuring this run up, we’ve mostly seen Open Interest rise with a few relatively small short squeezes and some long profit taking in between. I think there’s a lot of underwater shorts from the ~$60K region that should get squeezed out if price were to keep grinding higher. That $65K region is still a big area to watch out for,” Daan wrote. Related Reading: Bitcoin Miner Selling Cools Off \u2013 Is This The Breakout Moment? Interestingly, open interest on Bitcoin increased from $30.97 billion on Saturday to $32.21 billion by Monday, based on data from Coinglass. Despite this rise in open interest, the weekend did not see substantial short squeezes. The liquidation of only $35 million in BTC shorts during this period was relatively modest compared to past events, such as on May 20 when the price surge from $66,000 to $71,500 resulted in $84.2 million in short liquidations. #3 Technical Breakout Another contributing factor was likely a technical breakout for Bitcoin, which shifted the market momentum. Popular crypto analyst CRG (@MacroCRG) described the weekend’s price movement as a “beauty of a breakout.” He highlighted that both funding rates and the perpetual futures basis remained flat, which usually precedes a strong market move. \u201cThat’s a beauty of a breakout. Funding + perps basis flat. Weekly close in 1H + weekly candle is a ginormous pinbar with an 8% wick (high probability reversal candle). Full send,\u201d he stated. The technical analysis shows Bitcoin breaking a descending trendline that has been in place since it peaked at about $72,000 in early June. The break through this trendline on the 4-hour Binance chart, as noted by CRG, signals a potential reversal from the recent bearish trend. Moreover, the BTC weekly close presents a significant bullish signal\u2014a large pinbar candle with an 8% wick\u2014indicating potential for upward movement. At press time, BTC traded at $63,232. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":627155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,1122,91901,89689],"class_list":["post-627151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-why-is-bitcoin-price-up-today","tag-why-is-bitcoin-up-today"],"acf":[],"yoast_head":"\nBitcoin Price Blasts Past $63,000: Top 3 Reasons<\/title>\n<meta name=\"description\" content=\"Over this past weekend, Bitcoin price experienced a significant rally, pushing its price above $63,000. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons\"],\"url\":\"https:\/\/wncen.com\/author\/marcusmisiak\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Price Blasts Past $63,000: Top 3 Reasons","description":"Over this past weekend, Bitcoin price experienced a significant rally, pushing its price above $63,000. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Blasts Past $63,000: Top 3 Reasons","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-blasts-past-63000-top-3-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-blasts-past-63000-top-3-reasons\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-01-10.02.28-A-dramatic-image-featuring-a-golden-Bitcoin-coin-prominently-in-the-foreground-with-shimmering-reflections.-In-the-background-a-powerful-bull-in-mid-.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-01-10.02.28-A-dramatic-image-featuring-a-golden-Bitcoin-coin-prominently-in-the-foreground-with-shimmering-reflections.-In-the-background-a-powerful-bull-in-mid-.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc price","why is bitcoin price up today","why is bitcoin up today"],"dateCreated":"2024-07-01T08:10:03Z","datePublished":"2024-07-01T08:10:03Z","dateModified":"2024-07-01T08:10:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Blasts Past $63,000: Top 3 Reasons\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-blasts-past-63000-top-3-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-blasts-past-63000-top-3-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-01-10.02.28-A-dramatic-image-featuring-a-golden-Bitcoin-coin-prominently-in-the-foreground-with-shimmering-reflections.-In-the-background-a-powerful-bull-in-mid-.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-01-10.02.28-A-dramatic-image-featuring-a-golden-Bitcoin-coin-prominently-in-the-foreground-with-shimmering-reflections.-In-the-background-a-powerful-bull-in-mid-.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"why is bitcoin price up today\",\"why is bitcoin up today\"],\"dateCreated\":\"2024-07-01T08:10:03Z\",\"datePublished\":\"2024-07-01T08:10:03Z\",\"dateModified\":\"2024-07-01T08:10:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-01-10.02.28-A-dramatic-image-featuring-a-golden-Bitcoin-coin-prominently-in-the-foreground-with-shimmering-reflections.-In-the-background-a-powerful-bull-in-mid-.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627151"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=627151"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/627155"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=627151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=627151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=627151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}