💥💥💥 Why is #bitcoin☀️ Price Up Today? $BTC Price Follows Asia’s #Nikkei 225, Hits $60.5K
Bitcoin (BTC) Surges Over 3%, Following Asia's Nikkei 225 in Bullish Rebound
- Bitcoin (BTC) saw a strong recovery on Tuesday, closely mirroring Asia’s Nikkei 225 index. The leading cryptocurrency jumped over 3% in the past 24 hours, trading around $60.5k during the early Asian session. This bullish move set the tone for the broader crypto market, with major coins like Binance Coin ($BNB ), XRP, and Tron ($TRX ) also gaining.
- The recent Bitcoin price surge has alleviated fears of further market capitulation, encouraging more investors to double down on their BTC holdings. The Bitcoin Fear and Greed Index also saw an uptick, rising from 28 to 30, indicating a decrease in fear among market participants.
Bitcoin Whales Increase Holdings
- On-chain data from Santiment reveals that Bitcoin addresses holding between 100 and 1,000 BTC have collectively added approximately 94.7k coins over the past six weeks. This cohort of Bitcoin whales now controls about 3.97 million BTC.
- Among these whales is #metaplanet Inc., a Japanese publicly traded company, which recently acquired an additional 57.273 BTC, valued at approximately $3.4 million. This purchase brings Metaplanet’s total Bitcoin holdings to around 360.368 BTC.
- Another significant whale purchase involved 347 BTC, worth over $16 million, from Binance within the last 24 hours. Meanwhile, U.S. spot Bitcoin ETFs, led by Fidelity’s FBTC, recorded a net inflow of about 2,139 BTC, equivalent to around $125 million on Monday.
What’s Next?
- According to well-known crypto analyst Benjamin Cowen, Bitcoin is likely to continue gaining dominance over altcoins in the near term, with expectations of Bitcoin’s market dominance rising towards 60%.
- Bitcoin's recent positive movement isn't a clear breakout yet. To maintain bullish momentum, it must close above the 50-day and 200-day MAs; otherwise, it risks dropping below $60k before attempting another rally.
Source - coinpedia.org
