Bitcoin Price Hit a 2-Week Peak, but Bigger Tests Lie Ahead
The gradual worth restoration that started in early July continued over the previous 12 hours or so, as bitcoin jumped to $64,000 for the primary time in nearly two weeks.
Although it was stopped there for now, analysts appear extra assured that the general market surroundings has improved and outlined the cryptocurrency’s subsequent huge resistance traces.
What’s Next?
It was lower than a week in the past, on July 1, when the most important digital asset slipped under $58,000 for the primary time in almost two years because the bear-dominated worth strikes continued to dominate. However, after dropping roughly $25,000 in a month and a half, the bulls lastly reemerged and halted the freefall.
Bitcoin rebounded within the following days, which culminated earlier this morning with a leap to $64,000 on most exchanges. This $6,000 improve in days meant that BTC had tapped its highest price ticket since June 23.
Michaël van de Poppe weighed in on the asset’s efficiency over the weekend, calling it “strong worth motion.” He believes bitcoin wants to color a larger low and reassured that even one other correction to $59,000 can be thought of delicate and weak at this level. However, BTC’s breakout might start if it maintains above $61,000-$61,500, which might open the door for a run towards $70,000.
Merlijn The Trader outlined $67,000 as essentially the most essential stage for BTC. He defined that the cryptocurrency must decisively reclaim it, which might solidify the escape from its bear market section. If reclaimed, the analyst mentioned he’ll flip bullish because the development will flip. However, one other rejection there would in all probability imply extra draw back first.
One Bitcoin stage separates the bear market from the reversal: $67K.
A bullish falling wedge is urgent in opposition to resistance proper now.
Break and shut above: I flip bullish. The development flips.
Rejection: extra draw back first and I’ll say it simply as loud.
No guessing. No hoping.… pic.twitter.com/qMlVw3yYAE
— Merlijn The Trader (@MerlijnTrader) July 5, 2026
Fear and Greed Index Improves
The metric measuring the general market sentiment towards BTC dropped onerous over the previous few weeks alongside the asset’s worth. It dumped to ‘excessive concern’ ranges of round 11 on July 1 when the cryptocurrency bottomed (for now) at $57,700.
However, it has adopted bitcoin’s gradual worth restoration and now sits at 24. Although concern continues to dominate traders’ emotions, the swift rebound highlights early indicators of potential market reversal, because the metric hasn’t been at 24 or above in over a month.
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