Bitcoin (BTC) Stages a Notable Recovery, Climbing Back Towards the $61,000 Mark

The cryptocurrency, which had been languishing below $60,000, saw a significant price surge of over 4% in just 24 hours.

output: Bitcoin price finally increased significantly after weeks of fluctuations in the range of 50,000 to 60,000 dollars and returned to the level of 60,000 dollars. The digital currency BTC increased by more than 4% in the last 24 hours and reached the highest price of $61,400.

After reaching the highest price, Bitcoin reached about $60,800 with a slight decrease, which shows a significant increase compared to the previous days. At the time of writing this news, BTC digital currency is traded at the price of 60,700 dollars.

In-chain data shows that recent developments in the cryptocurrency market contributed to this price increase. According to crypto market data analysis firm Santiment, Bitcoin investors holding between 100 and 1,000 bitcoins, often referred to as "sharks," have seen significant buying activity over the past six weeks.

According to the latest data, this group of investors currently owns about 3.97 million tokens, of which 94,700 coins have been purchased in just six weeks. This accumulation shows the confidence of big investors that Bitcoin will recover from its previous problems.

Another factor that has contributed to this price increase is the increase in the supply of Tether (USDT), which is a stablecoin and is usually used by investors to avoid the fluctuations of cryptocurrencies such as Bitcoin. Cryptocurrency market analyst, Ali Martinez, has recently pointed out a significant increase in the supply of Tether.

Investors usually park their assets in stablecoins to later reinvest in more volatile assets like Bitcoin, and an increase in the supply of stablecoins usually indicates more purchasing power waiting to re-enter the cryptocurrency market.

This change can be due to two main processes: the rotation of capital from Bitcoin and other cryptocurrencies to stablecoins or the entry of new capital into the market. The first scenario involves investors who temporarily withdraw from volatile assets and intend to return to the market later.

The second scenario shows the new interest and the entry of new capital into the cryptocurrency market, which will be quite bullish for Bitcoin. In reality, both processes have occurred, and the influx of new capital has probably played an important role in Bitcoin's recent recovery.

While BTC returns to its recent highs, these underlying trends can still influence its direction.

The above is the detailed content of Bitcoin (BTC) Stages a Notable Recovery, Climbing Back Towards the $61,000 Mark. For more information, please follow other related articles on the PHP Chinese website!