Bitcoin Nears $60K as Crypto Bounce Accelerates, but Recovery Might Be Choppy

- Bitcoin advanced 6.4% over the past 24 hours, currently changing hands at $59,500. Ether {{ETH}} topped $2,600, up 8.8% during the same period, snapping its losing streak against BTC.

- Market observers pointed to two favorable developments that supported the rally in bitcoin and crypto prices.

- A U.S. judge approved on Thursday that FTX and its sister trading firm Alameda Research will pay out $12.7 billion to creditors. Many hope that part of the funds will flow back to crypto markets as former users reinvest the proceedings in digital assets.

- Meanwhile, Russian President Vladimir Putin signed a bill that legalizes crypto mining in the country. "Russia seems to be acting to keep up with the US. Nation-level bitcoin FOMO (fear of missing out) is heating up," said Ki Young Ju, CEO of crypto analytics firm CryptoQuant. "Their entry will boost the hashrate, strengthen network fundamentals, and diversify miner politics."

- With today's gain, bitcoin has now completely reversed its weekly candle that wicked to as low as $49,000 early Monday to positive.

- While there's plenty of time until Sunday's weekly close, if BTC finishes the week around the current prices, it would form a hammer candlestick. That's a bullish chart pattern in technical analysis that often appears at the bottom of downtrends, hinting at a trend reversal.

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