Bitcoin climbed above $63,000 during U.S. trading hours on Saturday, gaining 3.6% for the week. The move erased the losses seen at the end of June, with BTC reaching its highest level in nearly two weeks. Improved market sentiment was supported by easing inflation concerns following comments from Fed Chair Kevin Warsh, a softer-than-expected U.S. jobs report, and short covering by bearish traders, helping Bitcoin rally from below $60,000 to above $63,000 in just five sessions.
Trading volumes remained relatively light due to the U.S. Independence Day holiday, which likely amplified price movements in the low-liquidity environment. After starting the third quarter on a weak note, Bitcoin has recovered most of its recent losses. The market’s next direction will largely depend on upcoming U.S. inflation data and whether buying interest continues once U.S. markets return to normal trading activity.
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At the time of writing, BTC was trading at $63,625.
On the daily time frame, BTC, after making a weekly low of $59,800 on 1st July, witnessed a recovery from those lows and rallied by almost 10% to reach $63,999. The asset has traded in the green for the past five consecutive days, albeit on declining volumes. BTC faces a strong resistance zone between $65,000 and $70,000. If it breaks above and closes beyond this resistance, we can expect the price to rally further towards $85,000.
Key Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $52,000 | $60,000 | BTC | $70,000 | $84,500 |
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