Bitcoin
Why Bitcoin is up 2.5% today
Analysis
Bitcoin rose about 2.5% over the past 24 hours as signs of broad-based accumulation appeared following a sharp capitulation, suggesting dip-buying demand returned to the market. Cointelegraph also noted BTC rebounded toward ~$71.5K after a historic sell-off, reinforcing the idea of a relief rally even as derivatives indicators remained soft.
Contributing Factors (3)
Broad-based bitcoin accumulation emerges after sharp capitulation
Glassnode data is showing buying across all cohorts of bitcoin holders.
Ripple Invited to White House, Peter Brandt Calls Out Bitcoin Manipulation, Musk Endorses Dogecoin, Vitalik Buterin Dumps Ethereum — Top Weekly Crypto News
This week's top stories: Ripple joins White House crypto summit; Musk promises DOGE to the Moon; Brandt flags BTC market manipulation, CZ denies it; Buterin is selling his ETH holdings.
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?
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.