Bitcoin rose above $63,000 on Saturday, July 4, largely reversing the losses seen in the last days of June. Bitcoin, which increased by 1.4% in the last 24 hours, increased by 3.6% on a weekly basis. Although US markets were closed for the Independence Day holiday, limiting trading volumes, price movement reached its strongest level in the last two weeks.
Prominent movements in the market
XRP had the strongest performance among major digital assets. XRP increased by 5.3% in the last 24 hours to $1.18, and its seven-day rise was approximately 10%. With this move, XRP’s market value reached approximately $73 billion, and the stablecoin surpassed USDC and placed fifth in the total market capitalization rankings.
Ethereum gained 3.2% on the day, rising to approximately $1,793. Its weekly increase was 11.5%. Solana is up 13.2% on a weekly basis while trading around $82.50. Dogecoin also made a 2.6% premium in the same period.
| Presence | 24 hours | 7 days | Featured level |
|---|---|---|---|
| Bitcoin | 1.4% | 3.6% | over $63,000 |
| XRP | 5.3% | About 10% | $1.18 |
| Ethereum | 3.2% | 11.5% | $1,793 |
| solana | Not specified | 13.2% | around $82.50 |
Factors supporting the rise
Macroeconomic developments were effective in the recovery seen throughout the week. US Federal Reserve Chairman Kevin Warsh said inflation pressures have weakened. Weak June employment data also supported this picture. The fact that investors who took downward positions while prices were rising had to close their positions was among the factors that accelerated the movement.
Analyst Ted Pillows assesses that Bitcoin is approaching a critical resistance zone, where a sustained break above $62,800 could push the price to $65,000.
Santiment stated that Bitcoin has increased by 6.1% since June 30, while gold has increased by 4.8% in the same period and the S&P 500 index has remained flat. The company pointed out that buyers have re-engaged in important support areas after prolonged market unrest, ETF outflows and weak investor sentiment. Santiment is known as an analysis company that produces on-chain and sentiment data regarding the crypto market.
What on-chain data shows
According to CryptoQuant data, Bitcoin’s realized profit-loss ratio decreased to minus 0.35. This was recorded as the lowest value in the last 43 months. The metric in question last saw similar levels in December 2022, when Bitcoin fell below $ 16,000 after the FTX crash.
Mini dictionary: The realized profit-loss ratio is an indicator that measures whether the coins carried on the chain change hands at a profit or a loss. Negative levels may indicate that the market is dominated by loss-making sales and that periods close to historical bottoms may occur.
CryptoQuant emphasized that this indicator has pointed to bottom areas for Bitcoin in past cycles. Similar readings were seen in 2015 and 2019, followed by strong upward movements.
Bitwise Investment Director Matt Hougan stated that the latest STRC preferred share liquidation from Strategy cleared excess leverage and brought the market closer than ever to its bottom level.
Swan analyst Adam Livingston said that Bitcoin was traded only 16% above its realized price. Livingston stated that in historical data, this level coincides with an average forward performance of 41% in the six-month period and 81% in the twelve-month period. Bitcoin has entered its current recovery phase after falling as low as $58,190 on June 25. The asset started the third quarter about 50% below its peak of $126,080 in October.
