Why is Bitcoin (BTC)Price Up Today?

reportcryptos.com
2 Min Read

Bitcoin (BTC) price edged 4 percent higher in the past 24 hours to trade around $44,500 on Thursday during the early Asian market. The flagship coin remains the most desired digital asset due to its notable scarcity and deep liquidity worldwide.

Furthermore, Bitcoin’s trading volume spiked by more than 40 percent in the past 24 hours to about $24 billion at the time of this report. As a result, Bitcoin’s market cap is shy of $130 billion from reclaiming $1 trillion, achieved during the 2021 bull run.

Why Bitcoin Price Gained Today?

Accelerated Whale Buying Pressure

According to on-chain data analysis provided by Glassnode, the number of new Bitcoin accounts with more than 1k in account balance now holds 40.16 percent of the total supply after an increase of about 3.66 percent in the past two weeks, thus heightening the bullish sentiments. Interestingly, the Bitcoin whales have been buying from short-term holders who declined by around 468k accounts in the past two weeks.

Pre-halving Rally Economics

With Bitcoin halving less than 90 days from happening, more investors have accelerated the accumulation pace in anticipation of further gains in the coming quarters. As a result, Bitcoin price has enjoyed higher buying pressure despite the recent calls for a market correction. According to several crypto analysts led by  Michaël van de Poppe and Peter Brandt, Bitcoin price seems to have finished its recent correction and a rally towards $50k is inevitable.

High Stock Index Correlation 

With the notable high adoption of Bitcoin and digital assets by institutional investors, the recent rise of NASDAQ and the S&P500 to their respective all-time highs (ATH) has increased the chances for the crypto prices to follow suit. 

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