- Bitcoin rallied above $64,600 on July 10, climbing more than 15% from its July 1 level of under $58,000
- Analysts cited a relief bounce after negative news faded, plus renewed optimism around potential crypto regulation and Circle’s trust bank approval
- Spot Bitcoin ETFs recorded strong inflows, including $1.347 billion in weekly inflows, helping remove market uncertainty
Bitcoin neared $65,000 on July 10 as a combination of factors fueled a rally that lifted the world’s largest cryptocurrency more than 15% from its July 1 price, according to Coinbase data from TradingView. The price surge followed a period of uncertainty that had kept the asset trading below $58,000 just days earlier.
Analysts pointed to multiple catalysts behind the move. Brett Sifling, wealth manager for Gerber Kawasaki Wealth & Investment Management, described the rally as a relief bounce after a string of bad news dried up, including Michael Saylor liquidating some of his Bitcoin holdings. He also noted chatter that a new version of the Crypto Clarity Act could arrive as early as next week, along with Circle receiving regulatory approval to establish its own national trust bank.
“A combination of some positive news for the crypto industry, along with a relief bounce, seems to be what’s driving the Bitcoin rally,” Sifling said.
Dave Liebowitz, head of growth at private credit platform Cap, echoed that sentiment, noting that the uncertainty around Michael Saylor selling his Bitcoin has largely passed. He emphasized that Bitcoin ETFs continue to see strong inflows, with single-day inflows ranging from $221 million to over $300 million and weekly inflows reaching $1.347 billion.
Himanshu Sahay, cofounder of crypto lender Arch, framed the move as a shift in market sentiment rather than a single catalyst. “After a period of heightened uncertainty, even modest positive developments can encourage investors to rotate back into higher-risk assets like Bitcoin,” he said.
Julio Moreno, head of research for CryptoQuant, pointed to improving market factors, noting that both speculative and spot demand are contracting at much less aggressive levels than last month. He also highlighted that July has historically been one of Bitcoin’s more reliably positive months, with rallies of roughly 20% and 17% in the bear-market years of 2018 and 2022.
Tim Enneking, managing partner of Psalion, offered a cautious short-term outlook, stating that Bitcoin continues to struggle to put in a bottom. He noted that crossing $65,600 would create a higher high relative to June 22, but a convincing move would require taking out the $67,300 level hit on June 15.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
