BTC needs to hold and consolidate above the $64,500–$65,000 zone.

 

Here is the explanation for why Bitcoin is currently surging, translated into English:

Why is the Bitcoin (BTC) market currently surging?

Bitcoin (BTC) is experiencing strong upward momentum, reclaiming the $65,000 (~€57,800) mark. This move is driven by a combination of easing selling pressure, renewed capital inflows, and key technical breakouts.

After bouncing off strong support in the $58,000–$60,000 zone in early July, the market is currently being propelled by four primary factors:

1. Reversal in Spot ETFs (Institutional Tailwinds)

Following a period of net outflows in June, US Bitcoin Spot ETFs have shifted back into positive territory. Over $500 million in fresh capital has flowed into these funds over recent trading sessions, signaling that institutional investors are actively buying the dip.

2. Easing Macro Concerns & Rate Cut Hopes

Fears surrounding a potential inflation resurgence in the US have moderated recently. Ahead of the Federal Reserve's upcoming rate decision at the end of July, traders are pricing in looser monetary conditions. Improved risk sentiment across global markets is directly benefiting high-beta assets like BTC and ETH.

3. Technical Breakouts & Short Squeezes

From a technical chart perspective, Bitcoin successfully broke above its 50-day EMA (~$65,000).

• The RSI (Relative Strength Index), which previously signaled oversold conditions, reset and provided fresh bullish momentum.

• Pushing through this resistance level forced leveraged short traders to close their positions, triggering a minor short squeeze that accelerated price action.

4. Relief from Selling Pressure

The heavy selling pressure from miners and corporate liquidations that weighed on the market over previous weeks has noticeably cooled off. On-chain metrics indicate that major whale wallets used the sub-$60,000 price range for aggressive re-accumulation.

Key Level to Watch: To sustain this recovery and aim for the next major targets around $68,000–$70,000, BTC needs to hold and consolidate above the $64,500–$65,000 zone.