Bitcoin (BTC) has been trading between $56,000 and $70,000 in recent months. A report by 10x Research suggests rising liquidity inflows may sustain BTC's uptrend.
Currently, BTC trades at $63,632, a 9% increase in seven days. Liquidity has hit $61.9 billion, a year-to-date high, driven by stablecoin minting.
Stablecoin supply increased by 3% over the past month. This boost in stablecoins is a bullish signal, indicating more fiat-to-crypto conversions.
The derivatives market has also seen a rise in Bitcoin’s perpetual futures leverage, assisting BTC's price momentum.
In early July, significant macroeconomic shifts such as a peaking US Dollar, declining bond yields, and dropping oil prices may aid BTC's price rise. These trends have traditionally favored BTC.
On August 23, BTC broke the $61,000 resistance. However, reaching $70,000 depends on broader economic stability.
If favorable conditions persist, BTC could target $64,442 before pushing toward $70,000. Negative trends could see BTC drop to $61,509.
