BTC rebounds: Bitcoin prices surged more than 3% today, breaking through the $63,000 mark, sparking discussion of potential reasons behind the recent market surge.
Bitcoin rebounded to $63,000 on investor accumulation and bullish technical signals.
Analysts predict that Bitcoin could surge to new highs if key support levels hold.
The surge in Bitcoin futures open interest reflects bullish sentiment amid market volatility.
Following recent volatility, Bitcoin price surged by more than 3% today, surging towards the $63,000 mark. Notably, the recent Bitcoin rebound following the volatile trading in recent days has sparked discussions in the cryptocurrency market on the potential reasons behind its price increase. Meanwhile, numerous analysts have provided important insights into the recent BTC price action and some key levels to watch.
Why is the price of Bitcoin rising today?
The cryptocurrency markets as well as Bitcoin price have seen increased volatility over the past few days. However, the flagship cryptocurrency has seen a sharp rise today, indicating growing investor confidence in cryptocurrencies. So, here we take a look at the potential reasons as well as some key analysis to find clues to the potential reasons behind the rebound.
Increasing Bitcoin Accumulation Suggests Bullish Sentiment
A recent article by IntoTheBlock on the X platform has stirred up optimism in the investor community that could drive the recent rise in Bitcoin prices. According to the analytics firm, approximately 5.1 million Bitcoin addresses, equivalent to about 10% of the total number of addresses holding BTC, have accumulated BTC between the current price and the all-time high (ATH) of $72,500.
At the same time, the news indicates a massive influx of new buyers into the market, indicating growing confidence and bullish sentiment towards Bitcoin. Notably, the massive increase in Bitcoin accumulation highlights investors’ confidence in the cryptocurrency’s long-term potential and value proposition.
Some analysts see the report as a potential reason for the rise in Bitcoin prices as demand outstrips supply. With a significant portion of addresses buying Bitcoin at current levels, market sentiment appears to be positive, driving the recent upward momentum in Bitcoin prices.
Analyst comments fuel optimism
Numerous analysts have shared important insights into the current Bitcoin price action. Additionally, some have revealed key levels to watch for the flagship cryptocurrency’s price.
For background, prominent cryptocurrency market analyst Rekt Capital provided insight into Bitcoin’s recent price surge. Rekt Capital declared the end of Bitcoin’s “danger zone” after the halving, signaling a positive turn for the cryptocurrency.
Meanwhile, the analyst said that Bitcoin’s rebound from the reaccumulation range low support marks a moment to celebrate, indicating renewed investor confidence. Notably, the statement comes against the backdrop of growing optimism in the cryptocurrency market, with Bitcoin rebounding from recent lows.
Additionally, Rekt Capital’s assessment suggests that the uncertainty surrounding Bitcoin’s price trajectory sparked by the halving has dissipated, paving the way for more bullish sentiment.
On the other hand, another popular analyst, Mags, offered valuable insights that could be attributed to the recent BTC rally. Mags believes that Bitcoin’s current uptick could be attributed to technical analysis indicators, especially the 100-day moving average (MA) on the daily chart.
Notably, Mags highlighted a historical pattern where Bitcoin tends to bottom or experience a local bottom when it reaches or slightly falls below its 100-day MA. The analyst said that in January, the last time Bitcoin tested this MA marked a major turning point, leading to an impressive 90% surge in price.
This pattern suggests that Bitcoin’s recent gains may be driven by similar technical factors, with traders viewing a test of the 100-day moving average as a bullish sign.
Key levels to watch
Top cryptocurrency analysts such as Ali Martinez and Michael van de Poppe have stressed that Bitcoin’s price levels are crucial amid market volatility. Notably, Martinez stressed the importance of Bitcoin reclaiming $64,290 and potentially surging to $76,610. However, he also warned that if this level is not breached, Bitcoin will retest $51,970.
On the other hand, Michael van de Poppe advocates for maintaining the current support levels and suggests that a break above $60,000 could lead to a further decline to $52,000-55,000. Furthermore, he urged market participants to remain patient and accumulate funds amid uncertainty, as the cryptocurrency market is experiencing various news-driven fluctuations.
Bitcoin price rises as holdings surge
Bitcoin’s price rally comes amid a surge in open interest, a sign of bullish sentiment toward the flagship cryptocurrency. Bitcoin futures open interest (OI) surged 3.74% over the past 24 hours to 479.88K BTC, or $30.25 billion, according to CoinGlass data.
CME and Binance exchanges topped the OI chart, surging by about 3.20% and 3.57% respectively. Notably, overall Bitcoin futures open interest surged by 3.95% in the past four hours, reflecting bullish sentiment in the market.
However, as of writing, Bitcoin price is up 3.14% to $63,021,56, while its trading volume has jumped more than 70% to $22.47 billion in the past 24 hours. In the past 24 hours, the cryptocurrency has hit a low of $60,769.84, indicating that the market remains volatile.
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