- Bitcoin price saw a 2% increase within hours, triggering a crypto market recovery. Other cryptocurrencies such as ETH, SOL, XRP, TON, DOGE, SHIB also saw rebounds.
- Bitcoin’s price jump was due to a trendline breakout, leading to a broader recovery in the crypto market.
- Whales have already bought Bitcoin worth $941 from the bottom, indicating confidence in the market.
Bitcoin’s price increase triggers a crypto market recovery, with other cryptocurrencies also seeing rebounds. This comes after a trendline breakout, leading to a broader market recovery. Whales have already bought Bitcoin worth $941 from the bottom, indicating confidence in the market.
Bitcoin Price Breakout
Bitcoin’s price recorded a more than 2% jump in an hour as traders poured money back into Bitcoin after chart patterns confirmed a breakout above the trendline. BTC price rebounded from $60,630 to $62,585 in a few hours on Thursday after a 3-day descending trendline was broken in a lower timeframe. The Bollinger bands indicator shows an increase in trading volume as bands widen. BTC price also crosses above 20-SMA, confirming a strong rebound in prices.
Whales Bought the Dip
This could be the final drop in BTC price as whales accumulated nearly $950 million in BTC a day ago. Whales typically buy the bottom and start a rally in a crypto. CoinOtag reported that wallets with 1k-10k BTC have accumulated over 15,000 BTC worth almost $941 million, indicating confidence in BTC whales despite the price drop to $62,000. Whale accumulation is seen as a major factor in maintaining a bullish outlook for a crypto or whole crypto market.
Short Positions Get Liquidated
CoinGlass data shows over 61k traders were liquidated in the last 24 hours. The largest single liquidation order happened on crypto exchange Binance as someone traded BTCUSDT valued at $965.08K. This indicates traders remain cautious amid a massive trading volume drop. More than $142 million were liquidated across the crypto market in the last 24 hours, with an increase in short positions liquidation in the last 4 hours.
Conclusion
Bitcoin’s price increase has triggered a broader market recovery, with other cryptocurrencies also seeing rebounds. This comes after a trendline breakout, leading to a broader market recovery. Whales have already bought Bitcoin worth $941 from the bottom, indicating confidence in the market. However, traders remain cautious amid a massive trading volume drop, with over 61k traders liquidated in the last 24 hours. The market awaits further comments from Fed officials for guidance on market direction and economic outlook.
