Bitcoin raced to a new one-month high above $66,000 on July 19, 2024. This means the crypto market has undertaken general positive momentum, which has seen the value of the cryptocurrency Bitcoin rise sharply from $63,303 to almost $67,000 within hours.

Bitcoin’s Recent Performance

On July 19, its price sharply surged to an intraday high of $66,773. The spontaneous increase in the asset resulted from a confluence of bullish factors and market dynamics. 

According to TradingView data, Bitcoin’s value surged by over $3,000 in four hours, liquidating shorts worth $131.65 million in the process. 

The latest rally has henceforth affected Bitcoin’s liquidation heatmap and reportedly left some $83.38 million in ask orders between $66,880 and $67,000 in peril. Analysts on Wall Street think the current price action in Bitcoin is turning quite bullish, as it has been forming consecutive higher highs and higher lows.

Institutional vs. Retail Demand

However, despite all these gains in Bitcoin’s price, retail demand has been at its lowest level for three years. According to Michaël van de Poppe from MN Capital, this reduced interest from the retail side contrasts with the inflows that are continuing within investment products in Bitcoin—mainly coming from institutional parties. 

This is quite a standard procedure, which means that institutional players are very active, but the retail market is not, by and large, participating in this bullish cycle so far. Van de Poppe has established that Bitcoin’s retail demand metrics have been descending since the peak of March and expects a shift as the market matures. 

Analysts typically consider retail involvement one of the key catalysts for major bull runs, which have yet to materialize in the current cycle.

Long-Term Outlook and Key Patterns

Over the last few weeks, BTC prices have remained mainly within familiar ranges, with observers now assessing its performance and market activity for new directions. The reduction of selling pressure from the big holders, or ‘whales,’ is a good sign of further price increase. 

As Bitcoin rises back above $67,000 there are more demands for new record highs, one analyst is predicting $69,000.

At the same time, Peter Brandt, a veteran trader, also shared his thoughts on Bitcoin’s current price movement. Brandt claimed that BTC is in a down channel. This price structure normally has prolonged lower highs and lows, which is interpreted as more selling pressure, although there are those who think that this outlook may fail to capture a bullish rally.

I try to be as honest as possible to Edwards/Magee/Schabacker in pattern labeling. The current congestion in Bitcoin is NOT a flag (it has lasted too long) but appears as a down channel. $BTC pic.twitter.com/OJcpML6VPT

— Peter Brandt (@PeterLBrandt) July 20, 2024

Key Factors Influencing Bitcoin’s Price

Currently, several technical indicators and dynamics in the market are guiding Bitcoin’s price action. The recent price performance for the cryptocurrency has also been within an upward trajectory if one considers the current structure of the Bollinger Bands and other momentum indicators. 

So, this relative stability in Bitcoin’s price above some core support levels, like $65,000, is closely watched for signals that could suggest more upside moves. Well, it has not been an easy journey for Bitcoin, having plunged massively below its crucial psychological level in early July—a fall below $60,000. 

The most recent rally does return some level of confidence. Traders are also looking toward further price action to develop and see whether Bitcoin will maintain upside momentum or further correction.