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Coinspeaker Bitcoin (BTC) Price Pumps Above $61K amid Renewed Interest from Retail Traders After opening this week on a bearish outlook, Bitcoin (BTC) price is about to end the week on a positive note. The flagship coin surged more than 6 percent in the last 24 hours to reach a daily high of about $62,490. The altcoin industry followed the same pattern, thus pumping the total crypto market cap by around 6.6 percent to about $2.23 trillion on Friday. As a result, more than $221 million was liquidated from the crypto-leveraged market, mostly involving short traders. Renewed Demand for Bitcoin After Bitcoin indicated a possible rebound to retest its all-time high soon, more investors have shown renewed interest to ride the bull run. Furthermore, the recent Bitcoin price crash, from nearly $70K to about $49K, has been compared to the 2020 Black Thursday, which was triggered by Covid-19. Interestingly, Bitcoin price entered its parabolic phase after the 2020 Black Thursday, thus prompting heightened speculation. According to on-chain data analysis, Bitcoin whales and shares have been accumulating throughout regardless of the price volatility. According to on-chain data analysis provided by IntoTheBlock, Bitcoin’s new addresses have bottomed out and began to trend upwards after capitulating since November 2023. “This shift suggests renewed interest from retail investors, potentially leading to a more balanced market and a stronger foundation for the next growth phase,” the firm noted. Worth noting that short-term Bitcoin holders are currently holding the largest unrealized losses since the FTX capitulation, which led to a sudden crypto rebound in the subsequent months. Short-Term Holders are currently holding the largest unrealized loss since the FTX implosion, which again highlights a point of serious investor stress imposed by current market conditions. pic.twitter.com/7hHbu2C7ZP — glassnode (@glassnode) August 8, 2024 Meanwhile, the US-based spot Bitcoin…

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Filed under: News - @ August 9, 2024 12:18 pm