Bitcoin marks its second day of consecutive increases, surging to a previous high. The largest coin currently trades slightly below its peak but maintains its uptrend.
The biggest cryptocurrency sees notable buyback following three days of significant selling pressure. Data from CryptoQuant shows a massive increase in exchange reserves over the last seven days. It pointed to an enormous influx in coins moving from cold storage into these platforms.
BTC lost over 2% in three days, slipping to a low of $93,340 before rebounding. The shift in trading sentiment happened on Wednesday when the apex coin saw a slight increase in buying volume. A change in the general crypto market sentiment saw almost every asset reclaim lost levels.
The largest cryptocurrency by market cap was not exempt. It started the day at $95,612 but closed at $96,642 after a failed attempt at the $97k mark.
BTC trades at $98,219 after peaking at $98,758. Its current price shows it gained over 3% in the last 48 hours. The asset sees a significant increase in buys and sells. Data from Coinmarketcap shows that trading volume increased by over 7% in the last 24 hours.
The coin piqued more investors’ interest as more liquidity flowed into the crypto market. Onchain metrics point to a significant capital influx from the US. The Coinbase premium is positive, as United States traders exhibited more buying pressure on Thursday than Wednesday.
The funds premium is positive, as Bitcoin ETFs and related products register significant inflow. Derivatives show similar bullish sentiment. The taker buy-sell ratio is above; more short positions were REKT in the last 24 hours. Both metrics are a testament to the bullish state of the market.
Institutions Resume Buys
Metaplanet announced that it acquired more Bitcoin. The venture capital announced the acquisition of 68.59 BTC at $6.6 million. It added more to its 2,100 stash barely three days after it splashed $26 million on the asset.
Strategy recently announced a new plan to increase its BTC buys. On Thursday, the firm revealed its plans to issue more bonds to raise $2 billion.
A recent report from Bloomberg suggests that dying companies will look to invest Bitcoin. The article added that these firms are not buying the asset because of its potential but hoping to draw attention to their shares. They’ve seen how Strategy’s share surged following large buys of the asset and would want a piece of the trend.
Investors were delighted when US Secretary of Commerce Howard Lutnik announced that further hikes in trade duties would not provoke an increase in inflation or recession.
Bitcoin May Continue The Surge
Data from CryptoQuant indicates that investors are moving more BTC from trading platforms to cold storage at an alarming rate. The exchange netflow is negative 5,426%, indicating massive outflows. Long-term holders are less active as they anticipate further price increases.
Interactions with the Bitcoin blockchain increased in the last 24 hours. The transfer volume volume surged by over 220%, active addresses increased by 93%, and transactions spiked by 66%. The latest readings comes amid bullish state of the derivative market. Open interest and funding rate are on the rise in this sector.
The one-day chart points to $100k as the next price destination. Nonetheless, previous price movement suggests that the apex will experience notable resistance at $99,800.
