Bitcoin Price Reclaims $65k, But Analyst Says Crypto Market Is Not Out of the Woods
The post Bitcoin Price Reclaims $65k, But Analyst Says Crypto Market Is Not Out of the Woods appeared first on Coinpedia Fintech News
The cryptocurrency market cap regained 5.3 percent to about $2.47 trillion in the past 24 hours, led by Bitcoin (BTC). The recovery follows a brief Bitcoin dip below $60k following the escalation of the Middle East crisis. Nonetheless, Bitcoin and other digital assets have proved to be a great safe haven amid the ongoing geopolitical tensions.
The heightened crypto volatility caused by the high use of leverage trading has led to the liquidation of more than $293 million, mostly involving long traders.
Reduced Bitcoin Selling Pressures
Ahead of the fourth Bitcoin halving, on-chain data shows miners have significantly reduced their selling volume. According to an analysis by CryptoQuant, an average of around 374 BTC was sent daily to spot exchanges over the last month, compared to 1388 BTC registered in February.
Meanwhile, Grayscale’s GBTC has significantly reduced selling pressure and expects to believe its pressure will soon end. According to spot ETF data, the overall inflows from BlackRock’s IBIT have reduced the impact of the GBTC outflows.
Furthermore, Hong Kong recently joined the spot Bitcoin ETF race, which could influence other nations led by Singapore.
Captain Faibik on Short-Term BTC Price Action
According to a popular crypto analyst, Captain Faibik, Bitcoin’s daily bullish pennant has evolved into a bullish rectangle. However, the crypto analyst cautioned traders to remain vigilant about possible capitulation towards $52k if the support level of around $62k fails to hold.
Meanwhile, Captain Faibik remains confident in the bullish outlook with a short-term target of $72k and a mid-term target of $96k.
