BTC was trading at $61,129.4 by 18:00 (22:00 GMT) on Thursday, marking a 10.27% increase, the largest one-day gain since August 8. This surge pushed BTC’s market cap to $1,179.0B, representing 56.30% of the total cryptocurrency market cap. Despite the rise, BTC has seen a 7.87% drop in value over the past seven days, trading between $49,486.9 and $65,567.1. Currently, BTC is down 17.10% from its all-time high of $73,740.9 set on March 14.
ETH was last at $2,636.95, up 11.66% on the day, with a market cap of $310.7B, or 14.84% of the total cryptocurrency market cap. Tether USDT was trading at $1.0004, with a market cap of $115.1B, or 5.50% of the total cryptocurrency market value.
Bitcoin reclaimed $62,000 just days after “Crypto Black Monday,” with traders noting a bullish pattern on the seven-day price chart, suggesting Bitcoin may have hit its floor. Crypto trader Matthew Hyland highlighted a massive green weekly candle with a huge wick, forming a bull hammer on the weekly time frame, indicating a probable bottom for Bitcoin. On August 8, Bitcoin briefly touched $62,510 before pulling back to $61,068.
The rebound followed a drop below a key support level to $49,751 on August 5, the first drop below $50,000 since February. Some traders believe the quick reversal was a bear trap, where experienced traders temporarily lower the asset’s price to trap short-sellers. The sentiment among future traders has shifted towards long positions, with 52.48% in long positions compared to 47.52% in short positions. This shift came a day after Morgan Stanley authorized its financial advisers to recommend Bitcoin ETFs to clients.
