Bitcoin
Why Bitcoin is up 10.5% today
Analysis
Bitcoin rose 10.5% over the past 24 hours as buyers stepped back in following a sharp sell-off, pushing BTC back toward the $71.5K area even as derivatives indicators stayed relatively soft, suggesting the rebound was driven more by spot demand than leveraged positioning. CoinDesk also pointed to heavy activity in BlackRock’s bitcoin ETF—hitting a $10B volume record—as a possible sign of capitulation/peak selling, which can coincide with short-term bottoms.
Contributing Factors (3)
Bitcoin rallies to $71.5K after historic sell-off, but derivatives metrics remain soft
Bitcoin price soared back above $71,000 but BTC options data shows pro traders are still extremely cautious about the sustainability of the rebound rally. Is the sell-off really over?
BlackRock's bitcoin fund hits $10 billion volume record, hinting at peak selling
Record volume, redemptions and pronounced tilt toward put options points to institutional capitulation.
Bitcoin (BTC): Fidelity Identifies $65K as 'Attractive Entry Point'
Jurrien Timmer, director of global macro at Fidelity Investments, has identified the $65,000 level as an "attractive entry point" for Bitcoin (BTC).
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.