{"id":13990,"date":"2024-05-17T14:17:16","date_gmt":"2024-05-17T18:17:16","guid":{"rendered":"https:\/\/sikaoer.com\/bitcoin-btc-price-jumps-7-5-in-24-hours-key-factors-behind-the-surge\/"},"modified":"2024-05-17T14:17:16","modified_gmt":"2024-05-17T18:17:16","slug":"bitcoin-btc-price-jumps-7-5-in-24-hours-key-factors-behind-the-surge","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/bitcoin-btc-price-jumps-7-5-in-24-hours-key-factors-behind-the-surge\/","title":{"rendered":"Bitcoin (BTC) Price Jumps 7.5% in 24 Hours: Key Factors Behind the Surge"},"content":{"rendered":"
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Bitcoin (BTC) closed the daily candle with a robust 7.5% gain, signaling strong bullish momentum.<\/strong><\/p>\n Let's examine why the $60,000 price has been a crucial entry point for investors and traders.<\/p>\n The price is currently navigating within the daily Ichimoku Cloud, a critical technical indicator of market sentiment. A breakout above the cloud's upper boundary would signify a potential continuation of the upward trend. <\/p>\n Conversely, the cloud's lower boundary around $62,000 and the 0.618 Fibonacci retracement level at $60,135 provide strong support levels. <\/p>\n The chart shows that the price has tested the $60,000 level multiple times, establishing it as a strong support. Let's explore the reasons behind this.<\/p>\n Read More:\u00a0Who Owns the Most Bitcoin in 2024?<\/strong><\/p>\n Bitcoin's upward momentum is strongly supported by the aggressive rise in supply held by new whales. A cohort of large holders who have significantly increased their accumulation. This trend is evident as the realized price for these new whales is a major support level. <\/p>\n Bitcoin consistently marks $60,000 as a critical threshold. Each time Bitcoin hits this price, new whales step in to accumulate, reinforcing $60,000 as a robust support level and underpinning Bitcoin's continued rise.<\/p>\n The realized price spectrum is a crucial tool for navigating bull markets. Providing insights into average acquisition prices across different holder cohorts. The short-term holders' realized price, representing the average acquisition price for short-term holders, is acting as a support level, effectively timing market lows during this bull market.<\/p>\n The realized price spectrum helps monitor Bitcoin's risk during market cycles. Currently, Bitcoin's price is trading above all realized prices in the spectrum, which is a bullish signal indicative of a strong upward trend. <\/p>\n This positioning highlights market confidence and potential for further gains.<\/p>\n Read more:\u00a0Bitcoin Price Prediction 2024\/2025\/2030<\/strong><\/p>\n The post Bitcoin (BTC) Price Jumps 7.5% in 24 Hours: Key Factors Behind the Surge appeared first on BeInCrypto.<\/p>\nBitcoin Price Analysis: Breaking Down Key Technical Indicators<\/h2>\n
Realized Price by Address Cohorts: New vs. Old Whales:<\/h2>\n
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Supply Held by New Bitcoin Whales:<\/h2>\n
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Bitcoin Realized Prices Spectrum<\/h2>\n
Strategic Recommendations Amid Bitcoin\u2019s Influence<\/h2>\n
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