Krutika Adani
Within a few hours in the latter part of 15 July and the early morning of 16 July (UTC) Bitcoin made a recovery crossing $65k. The top crypto made a 10% gain in the last seven days.
Two primary reasons that helped Bitcoin jump back above $62.5k were ETF inflows and the oversold markets.
However, soon after reaching $65k, BTC fell to $62k. At press time, Bitcoin hovered near the level of $63k.
The fall on 16 July was due to profit booking and selling by trapped investors.
For a bull rally to occur and sustain, Bitcoin must cross $65k, followed by $73.7k. A further downside risk emerges if Bitcoin fails to hold $60k.