Crypto:
30188
Bitcoin:
$69.509
% 3.83
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.509
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin

Bitcoin, Btc

Following several days of turbulence and uncertainty, Bitcoin [BTC] rebounded and crossed the $70,000 mark. Huge profit realizations totaling more than $2.7 billion have been a major factor in the company’s price drop since April 2. However, BTC quickly recovered, and it is being traded at $71.900 at the time of writing, rising by 3.72% over a day.

Bitcoin’s Recovery

Although there are many variables, here are the reasons that can be considered as the reasons for Bitcoin’s comeback.

According to some analysts, a contributing element to the price recovery was a decrease in selling pressure as short-term investors no longer experienced losses from the price correction. Also, new USDT has been minted, supporting the resurgence of Bitcoin since there has always been a significant correlation between USDT and BTC.

Additionally, the accumulation addresses saw a massive influx of BTC, and their reserves reached a record level. When taken as a whole, these events gave Bitcoin the support it needed and enabled it to recover in price.

Reasons for the Continuation of Bitcoin’s Rise

Due to a lower net deposit on exchanges than the previous seven-day average, there was strong purchasing pressure on Bitcoin. Also, long-term holders’ movements in the last seven days were lower than average, therefore indicating that they are willing to hold their assets. Furthermore, the Relative Strength Index (RSI) signaled that BTC’s price might continue to rise in the upcoming days.

All in all, Bitcoin’s recovery seems to continue, heading into halving with a strong hand.

READ:  Mt. Gox CEO Mark Karpeles Calms Fears

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