Greed

Based

Bitcoin

Epic

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-hits-new-high-of-62729" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits New High of $62,729</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/marathon-digital-sharpens-its-2024-growth-strategy-in-bitcoin-mining" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) surged to an intraday peak of $62,729 on the Bitstamp exchange last Thursday, highlighting a significant ascent for the cryptocurrency. Over the past four days, Bitcoin witnessed a 26% uptick, swiftly recovering from its yearly low of $49,557.</p>
<h2 id="what-caused-the-epic-bear-trap">What Caused the Epic Bear Trap?</h2>
<p style="text-align: justify">The crypto market recently experienced one of the most remarkable bear traps, according to prominent analyst Byzantine General. Despite a sharp decline at the beginning of the week, Bitcoin rebounded quickly, recording its largest green candle in USD terms on the daily charts. This swift recovery has piqued the interest of many market observers.</p>
<h2 id="why-is-institutional-demand-driving-bitcoin">Why Is Institutional Demand Driving Bitcoin?</h2>
<p style="text-align: justify">JPMorgan analysts attribute Bitcoin’s resilience to strong institutional demand. Notably, despite market turbulence, institutional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> in Bitcoin futures on the Chicago Mercantile Exchange (CME) showed little inclination to reduce risk. Even during the significant market crash, there were no exits from BlackRock’s IBIT fund, which has since seen robust inflows.</p>
<p style="text-align: justify">The sharp decline in Bitcoin’s price also exerted considerable pressure on miners, nearing extreme levels. This situation further underscores the complex dynamics at play in the cryptocurrency market.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<ul>
 <li>Bitcoin’s rapid recovery from a yearly low to a new high demonstrates its volatility and potential for significant gains.</li>
 <li>Institutional investors are playing a crucial role in stabilizing Bitcoin’s price during market downturns.</li>
 <li>Monitoring the Crypto Fear and Greed Index can provide valuable insights into market sentiment and potential investment opportunities.</li>
</ul>
<p style="text-align: justify">The recent recovery in the Crypto Fear and Greed Index from “extreme fear” to a neutral zone with a score of 48 out of 100 illustrates a notable rebound in market sentiment. Based on <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from CoinMarketCap, Bitcoin is currently trading around $61,000, reaffirming the market’s inherent volatility and the rapid changes in investor sentiment. Despite these fluctuations, Bitcoin continues to capture the attention of investors with its dramatic price movements.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-hits-new-high-of-62729" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits New High of $62,729</a></h5>

Bitcoin Hits New High of $62,729

Table of Contents

BH NEWS

Other articles published on Aug 9, 2024

Analyst Predicts Significant Price Rises for High-Quality Altcoin Projects

Increasing Ethereum network use strengthens the case for ETH price rally to $3K

Spot Bitcoin ETF inflows surge four-fold, Ether ETF outflows slow down

Vitalik Buterin Makes Large Ethereum (ETH) Transfer

Solana Developers Execute a Covert Patch to Address Critical Vulnerability

Solana Price Prediction: SOL Price Hints A 20% Upside Amid Market Recovery?

Join our free newsletter for daily crypto updates!