Bitcoin, the largest cryptocurrency, has managed to score a weekly close above the $68,000 level.
The largest cryptocurrency managed to surge more than 12% within a single week.
It is currently trading at $67,804, according to CoinGecko data.
The leading cryptocurrency has been rallying following the release of the June inflation data that reviewed hopes of several rate cuts occurring this year. With that being said, Federal Reserve Bank of San Francisco President Mary Daly said that the central bank was yet to reach its target despite "really good" data.
Tomiwabold OlajideThe cryptocurrency has also substantially benefited from increasing demand from Bitcoin ETF buyers. Bitcoin ETFs have now surpassed a total of $17 billion in year-to-date net inflows.
"Demand growth could be in the early stages of recovery. Something to monitor for the next few weeks," Julio Moreno, head of research at cryptocurrency research firm CryptoQuant, said on Twitter.
Josh Olszewicz, a prominent cryptocurrency trader, recently noted that Bitcoin had "plenty of room" on the upside after the cryptocurrency managed to survive the lower bound of the current channel.
Pseudonymous trader Rekt Capital that the market is currently consolidating in the post-halving re-accumulation range. The main resistance of the current range is set at $71,500.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin price could skyrocket to the $100,000 level. However, for this to happen, the bulls would need to surpass the make-it-or-break-it $73,000.
It is worth noting that Mt. Gox repayments remain a significant bearish headwind for the cryptocurrency market. Earlier today, it transferred 0.021 BTC to a new wallet, preparing for repayments.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin