Bitcoin Hits $71,000 Mark After Weeks Of Mixed Trends – Let’s See What’s Causing The Bullish Rally

In the past few weeks, Bitcoin has struggled to pull its price for several reasons. However, Bitcoin (BTC) is back to its rally today after surpassing the $71,000 mark.

Data from CoinGecko shows that Bitcoin’s (BTC) price has brought bullish momentum to the total crypto market cap which is currently at $2.83 trillion. In addition, the number of whale transactions consisting of at least $100,000 worth of BTC significantly increased by 50.7% in the last 24 hours. 

Bitcoin (BTC) has surged past the $71,000 level in today’s data. In the past 24 hours alone, BTC’s price has surged by 5.52%, trading at $70,601.28 at this time of writing. As a result, its total market cap has also increased by 5.51%, reaching $1.38 trillion. 

Moreover, Bitcoin’s total open interest (OI) also recorded a total of $800 million increase. However, higher price volatility is still expected when an asset’s whale activity and open interest register sudden surges. 

So what’s causing BTC’s recent price surge? 

Bitcoin’s remarkable surge can be attributed to a combination of factors that have collectively contributed to its recent rally. 

One of the factors is the future market influence. This has greatly impacted Bitcoin’s price surge, with 64,480 traders liquidated in the past day, totaling $184 million. In addition, Bitcoin shorts worth %56.9 million and longs worth $16 million were liquidated. Analysts emphasize on increased OI and leverage as major drivers of Bitcoin’s upward trajectory. 

Second, the rally was also boosted by positive news, including the London Stock Exchange’s plan to introduce Bitccoin and Ethereum ETFs. 

Third, Bitcoin’s price was also impacted by the spot Bitcoin ETFs dynamics and the Coinbase premium as it’s turning positive signals and strong demands for spot Bitcoin ETFs. 

Lastly, a descending trend channel on the 4-hour chart, coupled with a successful retest of the resistance zone, led Bitcoin’s price to go over 7%, boosting traders’ and investor’s confidence. 

In conclusion, Bitcoin has rebounded impressively today, sparking enthusiasm in the crypto market. With its continuous bullish momentum, increased whale transactions, and significant price surges, this resurgence underscores Bitcoin’s resilience and continued appeal to traders and investors.