A BTC price rally in the later hours of August 8 induced a sharp price jump across the crypto market, with tokens reclaiming their earlier support levels while Bitcoin crossed $60,000.
A BTC price rally has put the crypto market back to its earlier levels of the previous week. Bitcoin and a few other major tokens lead the recovery, with crypto market metrics seeing improvements. With the development, sentiments across the market seem to have vastly improved, while the crypto market cap breached $2 trillion again.
The last few days have seen the crypto market moving in tandem with global equity markets. The latter reacted positively to the recent jobs data report in the US, which revealed a favorable scenario. The improving US economy keeps the trends intact for a possible rate cut in September, which will benefit the crypto market. Meanwhile, big liquidations in Bitcoin shorts have emerged, which preceded the crypto rally.
The other positive trigger could have been whales accumulating BTC for the last few days. They started accumulating it when BTC bottomed out below $50,000, and the trend has continued. With it, the general crypto sentiments in the market could have also flipped, with bulls countering selling pressures.
Moreover, ETH also rallied by over 10% in the last 24 hours, going past $2,600. A further rally during the weekend could help it touch $3,000.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,300 on August 9, 2024, with BTC/USD trading higher by a margin of around 7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 63,400), as BTC’s 24-hour volume was at approximately $42 billion. The global crypto market cap increased by around 6%, trading above $2.1 trillion. BTC’s year-to-date returns are above 46%.
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