Bitcoin (BTC) has recovered after facing significant selling pressure. On the 23rd, it dropped to a day low of $65,198 before recovering and pushing back above $67,000. Currently, BTC is trading around the $67,200 mark, up by almost 1.50% in the past 24 hours as markets recover, with most altcoins registering substantial increases over the past 24 hours.
However, Ethereum (ETH) has continued to decline and is struggling to stay above $2,500, with the price down over 2% in the past 24 hours. Other major cryptocurrencies still in the red include Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Arbitrum (ARB), and Optimism (OP).
ChangeNOW CMO Pauline Shangett stated:
“Bitcoin has shown impressive resilience, bouncing back from a low of $65,198 to trade around $67,200, reflecting a 1.50% gain as market sentiment improves. The broader recovery in altcoins suggests renewed buying interest, although key assets like Ethereum remain under pressure, down over 2% and struggling to maintain the $2,500 level.”
Is Bitcoin (BTC) Entering A Stabilization Phase?
Analysts have suggested that Bitcoin (BTC) is entering a stabilization phase, with major indicators suggesting traders are settling into an accumulation period. The news comes despite price fluctuations that have seen BTC almost slip below $65,000 before recovering and climbing back above $67,000. Meanwhile, Ethereum (ETH) has continued its decline and is down nearly 3% over the past week as it struggles to maintain its position above $2,500.
Analysts have pointed to several factors that back the stabilization thesis. Circle has seen a reduction of almost $1.7 billion in the supply of USDC, offset by significant liquidity indicators, including substantial stablecoin inflows totaling $38 billion. This is significantly higher than the inflows attracted by spot Bitcoin ETFs. Analysts at 10x Research believe markets are absorbing several factors before resuming an upward trajectory.
“Instead of turning overly pessimistic, we believe the market needs time to digest the higher bond yields before Bitcoin can resume its upward movement. We’d like to see multiple indicators aligning to confirm bullish momentum, but this isn’t
Go to Source to See Full Article
Author: Amara Khatri
