Bitcoin (BTC) Price Surges 26% in 4 Days, Market Witnesses 'the Most Epic' Bear Trap Ever

The largest cryptocurrency is up 26% over the past four days after plunging to $49557, the lowest level since the start of the year.

Bitcoin price soared to an intraday high of $62,729 on the Bitstamp exchange on Thursday, as noted by data from the cryptocurrency exchange.

The largest cryptocurrency rose 26% over the past four days after falling to $49,557, the lowest level since the beginning of the year.

According to popular cryptocurrency analyst Byzantine General, the cryptocurrency market experienced "the most epic" bear trap ever.

Bitcoin crashed together with global stock markets, but it quickly recovered along with them.

On the daily chart, the cryptocurrency recently had its largest green candle ever in dollar terms.

According to JPMorgan, this resilience is due to strong institutional demand. Institutional players showed almost no de-risking in CME's Bitcoin futures despite the market turmoil. Notably, BlackRock's IBIT also saw no outflows during the massive crash and is now seeing strong inflows again. At the same time, it is worth noting that the Bitcoin price came dangerously close to putting extreme pressure on Bitcoin miners.

As reported by U.Today, Bitcoin market sentiment plunged into "extreme fear" territory after the devastating market crash. However, the fear and greed index is now back in the neutral zone with 48 points out of 100. This is an example of another extremely impressive sentiment bounce.

The leading cryptocurrency currently trades at $60,805 after giving up some of its impressive gains, according to data from CoinGecko.

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