The author of CryptoQuant expressed their perspective on Bitcoin‘s price rebounding above $70,000 following a series of corrections over the past few weeks.
An expert explains that Bitcoin‘s (BTC) price bounced back after a few weeks due to multiple factors. Initially, investors in the crypto market reaped substantial profits, amounting to $2.7 billion. Concurrently, selling pressure dwindled as those holding short-term bonds decided against realizing their losses from the price correction.
Why is the Bitcoin price recovering?“Additionally, we can see huge $BTC inflows to the accumulation addresses, and their reserves hit an all-time high.” – By @IT_Tech_PL Full post 👇 — CryptoQuant.com (@cryptoquant_com) April 8, 2024
An alternative explanation for reviving the original cryptocurrency is due to Tether (USDT), releasing a large amount of stablecoins worth several billions, over the past week.
“USDT coins have recently been created. Observe the graph: you’ll notice a significant relationship between USDT’s total value in the market and Bitcoin’s price.”
CryptoQuant experts
One noteworthy development aiding Bitcoin’s resurgence is the large amount of Bitcoins being transferred to wallets for safekeeping. The amount of Bitcoin in storage has hit a new record high.
Today, Bitcoin’s price spiked up to an astounding $72,000, with the Fear and Greed Index hitting 76 points. This figure signifies ‘extreme greed’ among traders, indicating intense enthusiasm and optimism towards Bitcoin. According to several industry experts, there are two significant factors fueling this surge: the upcoming Bitcoin halving in April and the persistent demand for spot Bitcoin Exchange-Traded Funds (ETFs).
The level of enthusiasm is similarly apparent in the substantial increase in funds poured into cryptocurrency investment offerings. Between March 30 and April 5, an inflow of $646 million was recorded. This year alone, a total of $13.8 billion has been invested.
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2024-04-08 21:09