Bitcoin price is up today due to several factors. Firstly, it closely followed Asia’s Nikkei 225, which experienced a bullish recovery. This positive momentum spilled over into the crypto industry, with Bitcoin pumping over 3 percent in the past 24 hours to reach around $60.5k. Other cryptocurrencies, such as Binance Coin (BNB), Ripple-backed XRP, and Tron (TRX), also followed this trend.
Additionally, the fear of further capitulation in the crypto market reduced as more buyers doubled their investments. The fear and greed index for Bitcoin increased from 28 percent to 30 percent, indicating a reduced fear of further crypto capitulation.
Furthermore, on-chain data analysis from Santiment revealed that Bitcoin addresses holding between 100 and 1k BTCs accumulated around 94.7k coins in the past six weeks. This suggests that key stakeholders, including Bitcoin whales, are loading up on the cryptocurrency despite price uncertainty.
Some notable Bitcoin whales, such as Japanese publicly traded company Metaplanet Inc., made significant purchases of BTC. Metaplanet bought an additional 57.273 BTCs, adding to their total of about 360.368 BTCs.
Another whale purchased 347 Bitcoins worth over $16 million from Binance in the past 24 hours. In addition, US spot Bitcoin ETFs experienced a net cash inflow of about 2,139 coins, valued at approximately $125 million.
Moving forward, reputable crypto analyst Benjamin Cowen believes that Bitcoin will continue to gain against the altcoin industry. He anticipates Bitcoin’s dominance to rise towards 60 percent in the near term.
From a technical standpoint, however, it is important for Bitcoin to consistently close above the 50 and 200 Moving Averages (MAs) to maintain its bullish momentum. Failure to do so could result in a retracement below $60k before rebounding towards its all-time high.