Bitcoin

Epic

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
On Thursday, the price of Bitcoin, the leading cryptocurrency, <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">surged</a> to an intraday peak of $62,729 on the Bitstamp exchange.
The largest cryptocurrency is up 26% over the past four days after plunging to $49,557, the lowest level since the start of the year.
As noted by popular cryptocurrency analyst Byzantine General, the cryptocurrency market has witnessed "the most epic" bear trap ever.&nbsp;
<a href="https://u.today/peter-brandt-take-this-bitcoin-chart-seriously?amp" rel="noopener noreferrer nofollow">Bitcoin</a> collapsed in tandem with global stock markets, but it managed to recover in a swift fashion together with them.&nbsp;
On the daily chart, the cryptocurrency recently recorded its biggest green candle ever in dollar terms.&nbsp;
JPMorgan attributes this resilience to strong institutional demand. Institinal players showed virtually no de-risking in CME’s Bitcoin futures despite the market mayhem. Notably, BlackRock’s IBIT also saw no outflows during the massive crash, and it’s now back to strong inflows. At the same time, it is worth noting that the Bitcoin price came dangerously close to putting extreme pressure on Bitcoin miners.&nbsp;
As reported by U.Today, Bitcoin market sentiment plunged into “extreme fear” territory following the devastating market crash. However, the fear and greed index is now <a href="https://x.com/bitcoinfear/status/1821697930161508488?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ" rel="noopener noreferrer nofollow">back in the neutral zone</a> with 48 points out of 100. This is an example of yet another extremely impressive sentiment bounce.
The leading cryptocurrency is currently trading at $60,805 after giving up some of its extremely impressive gains, according to data provided by CoinGecko.&nbsp;

Bitcoin (BTC) Price Approaches $63K After “Most Epic Bear Trap”

U_Today

Other articles published on Aug 9, 2024

The Best Crypto Presales of 2024: A Close Look at Artemis Coin and Other Top Contenders

Must Buy Top 5 Meme Coins As Crypto Market Reclaims $2 Trillion

What is Neiro Memecoin?

Analyst Predicts Significant Price Rises for High-Quality Altcoin Projects

Solana StruggleS for ETF Approval Amid SEC Hurdles, Sygnum Bank Analyst Says

California partners with NVIDIA to expand AI education and workforce training

Join our free newsletter for daily crypto updates!