BTC’s Price Surges Over $70,000 as Recovery Continues
Bitcoin (BTC) experienced a significant recovery in the last 24 hours, with the price rising more than 1.8%. After a period of volatility and uncertainty, BTC managed to exceed $70,000 once again. The recent price drop was attributed to profit taking, totaling over $2.7 billion since April 2.
Despite the price correction, BTC quickly rebounded and was trading at $71,178.80 at press time, indicating a 2.39% gain in the last 24 hours. Analysts attributed the swift recovery to a decrease in selling pressure by short-term holders and an increase in USDT minting.
A recent analysis by CryptoQuant highlighted the positive factors contributing to BTC’s recovery, including a drop in selling pressure, new USDT minting, and an influx of BTC into accumulation addresses. These factors combined to support BTC’s price increase.
While some metrics suggest a bullish trend for BTC, others indicate a potential price correction. The Money Flow Index (MFI) showed a decline, while the Relative Strength Index (RSI) remained bullish. Additionally, the relationship between network value and Bitcoin transactions indicated a possible overvaluation of the asset.
Despite mixed signals, analysts remain optimistic about BTC’s future performance, with strong buying sentiment and a willingness among long-term holders to hold onto their assets. The market will continue to closely monitor BTC’s price movements in the coming days.
Read more about Bitcoin’s price prediction for 2024-25 and the potential benefits of holding MATIC in the current market environment.