As a researcher with extensive experience in the cryptocurrency market, I find it intriguing to observe Bitcoin’s sudden recovery, reclaiming the crucial $67,000 level. The crypto king’s V-shaped bounce back is an interesting development, particularly after last week’s massive outflows from Bitcoin investment products totaling $621 million, according to CoinShares.
Bitcoin, the most valuable cryptocurrency, has unexpectedly regained its footing and surpassed the crucial $67,000 mark once more.
Today on Bitstamp, the cryptocurrency titan peaked at a record-high $67,260 during regular trading hours. A significant surge of over $2,000 has occurred since its lowest intraday price of $65,066 was reached.
Approximately $31 million in short positions have been unwound in the last four hours as per CoinGlass data.
The impressive rebound can largely be attributed to the robust performance of the US stock market. The S&P 500 index has experienced a gain of over 1%. Earlier today, Nvidia (NVDA) reached a new peak price and received a bullish prediction from Susquehanna Financial Group.
Last week, approximately $621 million was withdrawn from Bitcoin investment products as reported in a recent study by CoinShares. This substantial outflow significantly contributed to bearish sentiments this week. Additionally, Jerome Powell’s slightly hawkish remarks from the US Federal Reserve caused unease among investors who had anticipated a more lenient stance.
Simultaneously, Bitcoin has received its fair share of positive news for adoption. Notably, last week, it was announced that Deutsche Telekom, a leading telecommunications company, would commence Bitcoin mining operations.
Currently, it’s expected that bitcoin will continue trading within a price range rather than making significant gains or losses, given the ambiguity surrounding the Federal Reserve’s decision to reduce interest rates.
In the past month, Bitcoin’s volatility, as measured by its 30-day realized variance, has been approaching record lows, Alex Thorn, the research chief at Galaxy Digital, indicated.
bitcoin 30d realize volatility nearing historic lows
— Alex Thorn (@intangiblecoins) June 17, 2024
The leading cryptocurrency is now outperforming Ethereum on a year-to-date basis.
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2024-06-17 23:08