Bitcoin (BTC) price closely followed Asia’s Nikkei 225 index in a bullish recovery on Tuesday, rising over 3% in the past 24 hours to reach $60.5K. This pattern led to growth across the crypto industry, including coins like Binance Coin (BNB), XRP, and Tron (TRX).
Intense Bitcoin Growth
In the past 24 hours, the notable recovery in Bitcoin price reduced fears of further capitulation, as more investors doubled their investments. Bitcoin's fear and greed index increased from 28% to 30%, indicating reduced fear of further crypto capitulation.
Bitcoin Market Whale Activity
According to on-chain data analysis from Santiment, Bitcoin addresses holding between 100 and 1,000 BTC added around 94.7K coins in the past six weeks. This group of Bitcoin whales currently holds a total of about 3.97 million BTC. Among these whales is the Japanese publicly traded company Metaplanet Inc., which purchased an additional 57.273 BTC worth approximately $3.4 million. Metaplanet now holds a total of about 360.368 BTC. Additionally, another whale bought a total of 347 Bitcoins worth over $16 million from Binance in the past 24 hours.
Future Outlook
According to reputable crypto analyst Benjamin Cowen, Bitcoin will continue to gain against the altcoin industry in the near term. The analyst anticipates a continued rise in Bitcoin's dominance towards 60%. From a technical standpoint, Bitcoin price is not yet fully stabilized after today's bullish pump. The flagship coin must consistently close above the 50 and 200 Moving Averages (MAs) to maintain bullish momentum. Otherwise, the Bitcoin price might retract below $60K again before rebounding towards its all-time high.
In conclusion, the recent rise in Bitcoin price, driven by Asia's Nikkei 225 index, has significantly impacted the broader crypto industry. The activity of major market players increases investor confidence and supports the ongoing rally. Predictions suggest potential further growth for Bitcoin, although consistent positive signals are required for sustained momentum.
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