Bitcoin

The Bitcoin price has gained over 3% today, soaring to the $63,000 mark, after volatile trading recently.&nbsp;Notably, the recent BTC rally, following a prolonged volatile scenario, has sparked discussions in the cryptocurrency market over the potential reasons behind it.&nbsp;Meanwhile, a flurry of analysts has provided&nbsp;key&nbsp;insights on the recent BTC price movements and some key levels to watch. 
<h2 id="span-data-preserver-spaces-true-why-is-btc-price-rising-today-span">Why Is BTC Price Rising Today?</h2> 
The <a href="https://coingape.com/crypto-market-today-key-reasons-btc-eth-xrp-sol-doge-price-retreat/" target="_blank" rel="noopener">crypto market</a>, along with&nbsp;the BTC price, has&nbsp;witnessed heightened volatility over the past few days.&nbsp;However, the flagship crypto has surged today, indicating&nbsp;the growing confidence of the investors&nbsp;towards the crypto.&nbsp;So, here we&nbsp;take a&nbsp;look at the potential reasons and some&nbsp;key&nbsp;analysis for cues on the&nbsp;potential&nbsp;reasons behind the rally. 
<h3 id="span-data-preserver-spaces-true-increased-bitcoin-accumulation-signals-bullish-sentiment-span">Increased Bitcoin Accumulation Signals Bullish Sentiment</h3> 
A recent post by IntoTheBlock on the X platform has stirred optimism within the investor community, potentially fueling the recent rally in the Bitcoin price. According to the analytics firm, approximately 5.1 million Bitcoin addresses, equivalent to around 10% of the total BTC holding addresses, have accumulated BTC between the current price and the all-time high (ATH) of $72,500. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GNckCWSWQAAYtOE?format=jpg&amp;name=large" alt="Bitcoin Accumulation BTC Addresses" width="755" height="169">
 <figcaption class="wp-caption-text">
 Source: IntoTheBlock, X
 </figcaption>
</figure> 
Meanwhile, this revelation suggests a significant influx of new buyers into the market, indicating growing confidence and bullish sentiment toward Bitcoin.&nbsp;Notably, the substantial increase in Bitcoin accumulation underscores investors’ belief in the long-term potential and value proposition&nbsp;of the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a>. 
Several analysts see this report as a potential reason&nbsp;that is driving the BTC price higher as demand outpaces supply. With a sizable portion of addresses purchasing Bitcoin at current levels, the market sentiment appears buoyant, contributing to the recent upward momentum in the Bitcoin price. 
Also Read: <a href="https://coingape.com/cardano-news-charles-hoskinson-explains-why-trump-is-better-than-biden-for-crypto/" target="_blank" rel="noopener">Cardano’s Charles Hoskinson Explains Why Trump Is Better Than Biden For Crypto</a> 
<h3 id="span-data-preserver-spaces-true-analysts-remarks-fuels-optimism-span">Analysts’ Remarks Fuels Optimism</h3> 
A flurry of analysts have shared&nbsp;key&nbsp;insights on the current BTC price movements. In addition, some have also shed light on the key levels to watch for the flagship crypto’s price. 
For context, renowned crypto market analyst Rekt Capital provided insight into Bitcoin’s recent price surge. Rekt Capital declared the end of the <a href="https://coingape.com/bitcoin-btc-price-trading-in-post-halving-danger-zone-how-much-can-it-retrace/" target="_blank" rel="noopener">Post-Halving Bitcoin</a> “Danger Zone,” signaling a positive turn for the cryptocurrency.&nbsp; 
Meanwhile, according to the analyst, Bitcoin’s bounce from the Re-Accumulation Range Low support marks a celebratory moment, indicating renewed investor confidence. Notably, this announcement comes amid&nbsp;a backdrop of&nbsp;growing optimism in the crypto market, with Bitcoin rallying from recent lows.&nbsp; 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GNckd6mXAAAtKz2?format=jpg&amp;name=large" alt="Bitcoin price analysis" width="753" height="530">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital, X
 </figcaption>
</figure> 
In addition, Rekt Capital’s assessment suggests that the halving-induced uncertainties surrounding Bitcoin’s price trajectory have dissipated, paving the way for more bullish sentiment. 
On the other hand, Mags, another&nbsp;popular&nbsp;analyst, has offered valuable insights that could&nbsp;be attributed&nbsp;to the recent BTC rally.&nbsp;According to Mags, Bitcoin’s current rally may&nbsp;be attributed&nbsp;to technical analysis indicators, particularly the 100-day <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" target="_blank" rel="noopener">moving average (MA)</a>&nbsp;on the daily chart.&nbsp; 
Notably, Mags highlights a historical pattern where Bitcoin tends to bottom out or experience a local bottom when it reaches or slightly dips below the 100-day MA. The analyst said that in January, the last time Bitcoin tested this MA, it marked a significant turning point, leading to an impressive 90% surge in price.&nbsp; 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GNcRh5zXkAAMtwv?format=jpg&amp;name=large" alt="Bitcoin 100-day MA Chart" width="753" height="396">
 <figcaption class="wp-caption-text">
 Source: Mags, X
 </figcaption>
</figure> 
This pattern suggests that the recent rally in Bitcoin could be driven by similar technical factors, with traders interpreting the test of the 100-day MA as a bullish signal. 
<h3 id="span-data-preserver-spaces-true-key-levels-to-watch-span">Key Levels To Watch</h3> 
Top crypto analysts, including Ali Martinez and Michael van de Poppe, have emphasized crucial BTC price levels amidst market volatility. Notably, Martinez underscores the significance of Bitcoin reclaiming $64,290 for a potential surge towards $76,610. However, he also warned of a <a href="https://coingape.com/bitcoin-btc-price-drop-to-51970-coming-if-it-fails-to-reclaim-this-level/" target="_blank" rel="noopener">BTC retest</a> towards $51,970 if this level isn’t surpassed.&nbsp; 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GNY7H4IXAAAs9Ea?format=jpg&amp;name=large" alt="BTC Key Price Levels To Watch" width="751" height="423">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
On the other hand, Michael van de Poppe advocates for holding onto the current support level, suggesting that a breach of $60,000 could lead to a further dip towards $52,000-$55,000. In addition, he urged the market participants to remain patient and accumulate amid the&nbsp;uncertainty,&nbsp;as the crypto market navigates through various news-driven fluctuations. 
<h2 id="span-data-preserver-spaces-true-btc-price-rallies-amid-soaring-oi-span">BTC Price Rallies Amid Soaring OI</h2> 
The Bitcoin price rally comes amid a soaring open interest, suggesting a bullish sentiment in the market towards the flagship crypto. According to CoinGlass data, the <a rel="nofollow" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">Bitcoin Futures Open Interest (OI)</a> has surged 3.74% in the last 24 hours to 479.88K BTC or $30.25 billion.&nbsp; 
The CME and Binance exchanges have topped the list in the OI chart, soaring about 3.20% and 3.57%, respectively. Notably, over the last four hours, the overall Bitcoin Futures OI soared 3.95%, reflecting a bullish sentiment in the market. 
However, as of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was up 3.14% to $63,021,56, while its trading volume jumped over 70% in the last 24 hours to $22.47 billion.&nbsp;Over the last&nbsp;24 hours, the crypto has touched a low of $60,769.84, indicating the still-volatile scenario hovering in the market. 
Also Read: <a href="https://coingape.com/trending/whats-happening-with-ethereum-price-today-may-13-2024/" target="_blank" rel="noopener">What’s Happening With Ethereum Price Today?</a> 
The post <a href="https://coingape.com/btc-rally-why-bitcoin-price-rising-today/">BTC Rally: Here’s Why Bitcoin Price Is Rising Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BTC Rally: Here’s Why Bitcoin Price Is Rising Today?

Table of Contents

Coingape News Media

Other articles published on May 13, 2024

Ethena Price Plunges 5% As Investors Flock To This Green AI Crypto And Its 84% Staking Return

HashKey Capital Secures Dual Licenses for Comprehensive Financial Services

Bitcoin Mining: Solo Miner Scoops Entire $3.125 BTC From Single Block, Here’s How

Cardano Price Prediction: Death Crossover Among Key EMAs Points to Fall Below $0.4

Bancolombia Launches Crypto Exchange – Wenia

Top Trending Crypto Coins on DEXTools – Solscasino, Pepefork, SKY Raiders

Join our free newsletter for daily crypto updates!