Bitcoin climbed toward $63,000, extending its recovery as the cryptocurrency market rebounded from a sharp sell-off that had pushed digital assets to multi-month lows.
BTC surged amid improving investor sentiment and renewed institutional demand, trading as high as $62,956 on Friday before a slight retracement.
The rally coincided with the Crypto Fear & Greed Index climbing from an “Extreme Fear” reading of 11 to 21, signaling that panic-driven selling had begun to ease.
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Market participants said Bitcoin’s recent advance has been driven by steady buying, although key technical resistance remains just ahead. X commentator Exitpump described the move as “controlled slow buying” on exchanges.
“Looks good for continuation higher, although keeping in mind 62K – 62.5K as a strong resistance area,” they told X followers.
Crypto analyst Michael Van Poppe expects stronger momentum in the coming weeks if Bitcoin forms a higher low, with $61,000 highlighted as the key support level on the daily chart. He notes that holding that level could trigger a breakout next week, with a potential target of $70,000 by month-end.
He wrote,
“I’m not expecting much to happen over the weekend, as it’s the 4th of July. I do assume that we’ll start to see a lot more momentum on Bitcoin in the coming weeks, if it creates a higher low. If that happens at $61,000, we’d be looking to get a bigger breakout next week and might be targeting $70,000 for the month.”
Adam Back CEO of Blockstream and a foundational figure in Bitcoin’s development — has placed a personal bet that Bitcoin (BTC) will reach $1 million before the next halving in 2028.
Back, often called a Bitcoin OG for his invention of Hashcash (a proof-of-work precursor that influenced Satoshi Nakamoto’s design), argues that current market dynamics alone could drive this massive appreciation.
Back has even wagered on two related outcomes: one for BTC hitting the $500K–$1M range by cycle’s end, and a riskier bet on Bitcoin achieving market cap parity with gold.
His confidence stems from Bitcoin’s reflexive market nature where rising prices attract more adoption, further fueling growth and the maturing institutional landscape.
Adding to the positive momentum, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net inflow of $221.7 million on July 2—their largest single-day intake since early May, breaking a 10-day streak of outflows and reinforcing confidence that investors are returning to the market.
While institutional investors reduced exposure through ETFs, large Bitcoin holders moved in the opposite direction.
According to analysts at Bitfinex, wallets commonly identified as whales accumulated more than 270,000 Bitcoin—worth approximately $16.7 billion over the past two weeks.
The purchases came even as US spot Bitcoin ETFs recorded $4.06 billion in outflows during June, marking the largest monthly withdrawal since the products launched.
Outlook
Looking ahead, Bitcoin’s near-term direction is expected to hinge on whether it can decisively break above the $62,000–$62,500 resistance zone.
A sustained move above that level could open the door to a retest of $65,000, with bullish momentum potentially extending toward $70,000 if buying pressure continues and macroeconomic conditions remain supportive.
Analysts also believe continued inflows into U.S. spot Bitcoin ETFs, combined with ongoing whale accumulation, could provide a strong foundation for further upside despite recent market volatility.
Improving sentiment, as reflected in the gradual recovery of the Crypto Fear & Greed Index from extreme fear levels, suggests investors are becoming more willing to re-enter the market.
However, traders remain cautious that Bitcoin could experience short-term consolidation or pullbacks, particularly around major resistance levels and during periods of lower holiday trading activity.