Still going bullish

Bitcoin's price has recently increased due to the launch of exchange-traded funds (ETFs) and the Bitcoin halving. Bitcoin's price climbed 5.5% to $64,327, erasing prior-day losses and indicating a broader market recovery. Bearish crowd sentiment, historically a sign of market bottoms, suggests a potential price reversal. Significant inflows to accumulation addresses and reduced deposits to exchanges indicate strong holding sentiment, supporting price stability. Over $43.97 million in BTC short positions were liquidated in the last 24 hours, driving further price increases. The recent Bitcoin halving has cut miner rewards, historically leading to price increases, also supported by the recent introduction of spot Bitcoin ETFs.

Bitcoin surged to $64,327, currently standing at $64,124. This marks a significant rebound, as it climbed 5.5% from an opening price of $60,618 on April 18, erasing the previous day’s losses. This uptick is part of a broader crypto market recovery, but several factors bolster Bitcoin’s value specifically. These include bearish sentiment, Bitcoin accumulation, short liquidations, and the Bitcoin halving.

Market intelligence from Santiment highlights a shift in crowd sentiment to bearish, particularly after Bitcoin’s drop. Historically, this sentiment often signals market bottoms, suggesting a potential reversal. As bearish views accumulate, history shows prices typically trend opposite to crowd expectations. Moreover, data from CryptoQuant indicates increased accumulation activity, with significant Bitcoin inflows to accumulation addresses and a marked decrease in BTC deposits to exchanges. This pattern suggests a strong holding sentiment among investors, diminishing the sell-off pressure and supporting price stability.

A sharp uptick in Bitcoin’s price has triggered substantial short liquidations. According to CoinGlass’s liquidation heatmap, over the last 24 hours, $43.97 million in BTC short positions were liquidated, contributing to the price surge.$BTC #btc70k