Bitcoin has gained about 17% since the end of last week, equivalent to about $9,000 over the past seven days.
Bitcoin traded below $60,000 at the end of last week, but the coin's price rose to a six-week high above $68,000 on July 22.
On July 22, industry research firm 10x Research provided a number of reasons behind this significant price rise.
First, there was a shift in market sentiment when Bitcoin broke through Bitcoin's key level at $61,133, changing the outlook from bearish to bullish.
The same analysis added that retail traders were leading the weekend gains, which led to increased weekend gains and positive momentum into Monday.
This was seen this weekend, as Bitcoin rose more than 6% since Friday, reaching a multi-week high of $68,480 during Monday morning trading in Asia.
Additionally, after four weeks of net liquidity outflows of $8 billion, the cryptocurrency market saw inflows of $3.3 billion last week.
Last week, Bitcoin ETFs generated $1.24 billion in inflows over five trading days.
Rumors have emerged that China may adopt a more positive stance on cryptocurrencies, with Hong Kong's rules being used as a test.
Markets in South Korea were boosted by a proposed postponement of cryptocurrency taxes until 2028, spurring speculative trading.
The analysis added that last week's lower-than-expected CPI inflation data set a floor for Bitcoin prices after a 20% peak-to-trough decline.
This week will see the release of personal consumption expenditure inflation reports, which could provide further upward momentum.
American politics was also influential, as the failed assassination attempt on Donald Trump and President Joe Biden's retreat from the electoral race boosted cryptocurrency market sentiment.
