Bitcoin has gained around 17 since last weekend, which equates to around $9,000 over the past seven days or so.

The asset was trading below $60,000 last weekend but surged to a six-week high above $68,000 on July 22.

What has been driving market momentum for the past week, and will it continue?

Bitcoin Is Back

On July 22, industry research firm 10x Research provided a number of reasons for the big price pump. Firstly, there has been a shift in market sentiment when BTC broke above a key level at $61,133, changing the narrative from bearish to bullish.

The analysis added that retail trading had been driving weekend rallies with retail investors, which fueled weekend gains and positive momentum carrying into Monday.

This has been seen this weekend, with BTC gaining more than 6 since Friday. The asset hit a multi-week high of $68,480 during Monday morning trading in Asia.

Additionally, after four weeks of net liquidity outflows totaling $8 billion, crypto markets saw $3.3 billion in inflows last week.

“This influx, primarily from futures, stablecoins, and spot Bitcoin ETFs, marked a positive trend change.”

Last week, spot Bitcoin ETFs racked up around $1.24 billion in inflows over five trading days, as reported by CryptoPotato.