Why Bitcoin’s Price Surge Today has Everyone Talking?
The price of Bitcoin (BTC) surged in tandem with Asia’s Nikkei 225 on Tuesday, signaling a bullish recovery for the flagship cryptocurrency. Over the past 24 hours, Bitcoin experienced a notable increase of more than 3 percent, reaching approximately $60.5k during the early Asian trading session. This significant movement also had a ripple effect on other cryptocurrencies, with Binance Coin (BNB), XRP, and Tron (TRX) leading the way.
The recent upturn in Bitcoin’s price has alleviated concerns of further capitulation, as a growing number of investors have been reinforcing their positions. Notably, the fear and greed index for Bitcoin rose from 28 percent to 30 percent, indicating a decreased apprehension of additional cryptocurrency capitulation.
On-chain data analysis from Santiment reveals that addresses holding between 100 and 1,000 BTC have accumulated approximately 94.7k coins over the past six weeks. Consequently, this cohort of Bitcoin whales now collectively possesses around 3.97 million BTC units.
One of the whales in this category is the publicly traded Japanese company Metaplanet Inc., which recently acquired an additional 57.273 BTC valued at approximately $3.4 million. This acquisition brings Metaplanet’s total Bitcoin holdings to approximately 360.368 BTC.
Furthermore, another prominent whale purchased a total of 347 Bitcoins, totaling over $16 million, from Binance over the past 24 hours. Additionally, U.S. spot Bitcoin ETFs experienced a net cash inflow of approximately 2,139 coins, valued at around $125 million on Monday, with Fidelity’s FBTC leading the way.
Crypto analyst Benjamin Cowen anticipates that Bitcoin will continue to gain dominance in the altcoin industry in the near future. Cowen foresees a sustained increase in Bitcoin’s dominance towards 60 percent.
From a technical standpoint, despite the recent bullish movement, Bitcoin’s price still faces obstacles. The cryptocurrency will need to consistently close above the 50 and 200 Moving Averages (MAs) to sustain its bullish momentum. Otherwise, there is a risk of the price retracting below $60k before making a push towards its all-time high.
The recent surge in Bitcoin’s price has had a notable impact on the cryptocurrency market. Investors and enthusiasts are closely monitoring these developments, with many speculating about the potential implications of this bullish recovery. As the market continues to evolve, all eyes are on Bitcoin and its influence on the broader cryptocurrency landscape.
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