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Why is the price of Bitcoin rising today?
The price of Bitcoin rose more than 3% today, reaching $63,000, after recent volatile trading. In particular, BTC’s recent rally, following volatile trading over the past few days, has sparked discussions in the cryptocurrency market about the potential reasons behind its price rally. Meanwhile, a flurry of analysts have provided key insights into BTC’s recent price movements and some key levels to watch.
Why is BTC price rising today?
THE cryptocurrency market, along with the price of BTC, has witnessed increased volatility in recent days. However, the flagship cryptocurrency rose today, indicating growing investor confidence in the cryptocurrency. So, here we take a look at the potential reasons and some key analysis to gain insights into the potential reasons behind the rally.
Increased Bitcoin accumulation signals bullish sentiment
A recent post by IntoTheBlock on Platform X has sparked optimism in the investment community, potentially fueling the recent rally in Bitcoin’s price. According to the analytics firm, approximately 5.1 million Bitcoin addresses, equivalent to approximately 10% of total BTC holding addresses, have accumulated BTC between the current price and the all-time high (ATH) of $72,500.
Source: IntoTheBlock,
Meanwhile, this revelation suggests a significant influx of new buyers into the market, indicating growing confidence and bullish sentiment towards Bitcoin. In particular, the substantial increase in Bitcoin accumulation underlines investor confidence in Bitcoin’s long-term potential and value proposition. cryptocurrency.
Several analysts see this report as a potential reason that is pushing BTC price higher as demand exceeds supply. With a sizable portion of addresses purchasing Bitcoin at current levels, market sentiment appears positive, contributing to the recent upward momentum in Bitcoin’s price.
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Analysts’ observations fuel optimism
A flurry of analysts have shared key insights into BTC’s current price movements. Furthermore, some have also shed light on the key levels to watch for the price of the flagship cryptocurrency.
For context, renowned cryptocurrency market analyst Rekt Capital provided insight into Bitcoin’s recent price surge. Rekt Capital declared the end of Bitcoin post-halving “Danger Zone”, which signals a positive turn for the cryptocurrency.
Meanwhile, Bitcoin’s rebound from Re-Accumulation Range Low support marks a celebratory moment, indicating renewed investor confidence, according to the analyst. Notably, this announcement comes amid growing optimism in the cryptocurrency market, with Bitcoin recovering from recent lows.
Source: Rekt Capital, X
Furthermore, Rekt Capital’s valuation suggests that halving-induced uncertainties about Bitcoin’s price trajectory have dissipated, paving the way for more bullish sentiment.
On the other hand, Mags, another famous analyst, offered valuable insights that could be attributed to the recent BTC rally. According to Mags, Bitcoin’s current rally could be attributed to technical analysis indicators, especially the 100-day one moving average (MA) on the daily chart.
In particular, Mags highlights a historical pattern where Bitcoin tends to bottom or experience a local bottom when it reaches or falls slightly below the 100-day moving average. The analyst said that January, the last time Bitcoin tested this MA, marked a significant turning point, leading to an impressive 90% price increase.
Source: Mags, X
This pattern suggests that Bitcoin’s recent rally may be driven by similar technical factors, with traders interpreting the test of the 100-day moving average as a bullish signal.
Key levels to keep an eye on
Top crypto analysts, including Ali Martinez and Michael van de Poppe, have highlighted crucial BTC price levels amid market volatility. In particular, Martinez highlights the importance of Bitcoin’s recovery of $64,290, for a potential increase towards $76,610. However, he also warned of a New BTC test towards 51,970 dollars if this level is not exceeded.
Source: Ali Martinez, X
On the other hand, Michael van de Poppe argues for holding the current support level, suggesting that a break above $60,000 could lead to a further decline towards $52,000-55,000. Furthermore, he urged market participants to remain patient and accumulate amid uncertainty as the cryptocurrency market goes through various news-driven fluctuations.
BTC Price Rises Amid OI Surge
Bitcoin’s price rally comes amid growing open interest, suggesting bullish sentiment in the market towards the flagship cryptocurrency. According to CoinGlass data, the Open Interest on Bitcoin Futures (OI) it increased by 3.74% in the last 24 hours to 479,88,000 BTC or $30.25 billion.
CME and Binance exchanges top the list in the OI chart, up about 3.20% and 3.57% respectively. Notably, over the past four hours, the overall OI of Bitcoin Futures has risen by 3.95%, reflecting bullish sentiment in the market.
However, at the time of writing, the Bitcoin price rose 3.14% to $63,021.56, while its trading volume jumped more than 70% in the past 24 hours to $22.47 billion. In the last 24 hours, the cryptocurrency hit a low of $60,769.84, indicating the still volatile scenario hovering over the market.