Why did the crypto market rebound today? What are the factors?
Key factors include: Germany's massive Bitcoin sell-off ended, the market has digested about $3.5 billion in selling pressure, and Bitcoin prices are stable
As global tensions escalate, especially after the assassination of former President Trump, Bitcoin's appeal as a safe-haven asset has increased
Ethereum ETF approval is progressing steadily, and Grayscale announced that it will conduct its first share creation and distribution, which is expected to be listed.
Market analysis shows that Bitcoin has re-established the $62,000 support level, and there is sufficient bullish momentum. The phenomenon of miner capitulation has reappeared, which is usually a precursor to price rebounds.
Large investor activities and miner capitulation also have a positive impact on the market.
The recent rebound has led to a large number of short liquidations, generating buying pressure, which will help the market recover, but also increase uncertainty.
Overall, market participants are ready for a rebound, and the market has performed positively after a sentiment adjustment.
It is predicted that Bitcoin may retest the $59,200 area before reaching $63,800.
In any case, the bullish momentum of Bitcoin and other cryptocurrencies has increased, laying the foundation for market recovery.
