According to CoinGecko data, the price of Bitcoin, the largest cryptocurrency, managed to reclaim the $69,000 mark and rose to an intraday high of $69,199.
Bitcoin's strong move triggered a volatility alert on the 100eyes Crypto Scanner.
The cryptocurrency has now gained more than 5% in the last 24 hours, almost erasing all of the losses the cryptocurrency suffered earlier this week.
On April 2, the price of the largest cryptocurrency plunged to $65,000. The sharp price decline was likely caused by disappointing inflows from Bitcoin exchange-traded funds, as well as the increasing likelihood that the Federal Reserve might not cut interest rates three times this year as previously expected.
Additionally, the upcoming Bitcoin halving, just 16 days away, creates even more uncertainty due to its potentially negative impact on miners.
Nevertheless, some analysts were convinced that the price decline was only temporary. As U.Today reported, CryptoQuant's JA Maartunn correctly predicted that the price of the largest cryptocurrency would soon witness a much-needed recovery rally after the aforementioned correction. The analysis was done based on the difference between buying and selling volumes after the price drop.
According to data from CoinGecko, more than $22.5 million worth of short sales were liquidated in the last hour alone. Meanwhile, the total amount of short positions eliminated in the last 24 hours is approaching $92 million.
Although many analysts expected a rise to $69,000, it remains to be seen whether Bitcoin will manage to gain a foothold above this level as there is major resistance.
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