BTC price analysis concludes that Bitcoin buyers need to ramp up pressure to push the market back to historical highs. On July 17, Bitcoin’s price broke through $66,000, and sustained bidding has helped the bulls solidify the high for the past four weeks.
The BTC price has increased by 15% in less than a week. Data from Cointelegraph Markets Pro and TradingView confirm that, following the latest daily close, Bitcoin (BTC) reached $66,129 on Bitstamp. Having escaped the selling pressure from token movements related to the now-defunct Mt. Gox exchange, BTC/USD rebounded, rising 15% since the uptrend began on July 12. Renowned trader Wesley Parker stated, “Maintaining the green zone will be key in the future. If we achieve that, I am very confident we will return to the upward trajectory, and we will break this range before the end of summer.”
The latest data from monitoring resource CoinGlass shows that resistance on the exchange order book has not been a barrier to the upward trajectory.
Reactions from other popular traders have also been impressive. However, as positions increase, the resistance to further breaking historical highs is different. Wesley Parker stated, “Overall, on SMDX99, the order size is higher than our approximately 1.5k BTC ($100 million), with a maximum of up to $70,000.” He added that buyers still need to step in to push the market further upward. He concluded, “Currently, the depth of sell orders is twice as high as the depth of bids, requiring some significant takers to absorb this.”
