The crypto market saw a dramatic rebound this week, with Bitcoin price exceeds $92,000 and Ethereum climbing back over $3,000. THE strong recovery in the top two cryptocurrencies has caught the market’s attention, with analysts now sharing the main reason for the unexpected rise.
Why Ethereum and Bitcoin prices are rebounding
Bitcoin is currently trading above $93,000 after experiencing an accelerated selling period and heavy and long liquidations this had briefly lowered its price in recent weeks. Now that the forced selling has subsided, the cryptocurrency has recovered significantly. addition an astonishing $75 billion to its market cap in 10 hours.
Ethereum followed the same upward swing. Data from CoinMarketCap shows that ETH has gained over 9% in the past 24 hours, with steady accumulation pushing its price above $3,050.
Crypto market analyst Wimar.X has explain the reason for the sudden rise in Bitcoin and Ethereum prices. He described the resurgence as a rapid wave of large volume coordinated institutional purchases. According to him, the market inflated because a massive accumulation occurred in a single hour.
Arkham Intelligence data watch that Winter Muteone of the leading algorithmic trading companies, had purchased 8,577 BTC before the market surge. Binance, the world’s largest cryptocurrency exchange, also acquired 7,658 BTC, while a major whale wallet added 6,010 BTC to its portfolio. Finally, BitMEX, a crypto exchange co-founded by Arthur Hayesreportedly accumulated 5,818 BTC, while Bitfinex absorbed 5,778 BTC.
According to Wimar.X analysis, the sudden accumulation and its timing appear coordinated. He described the activity as handlingimplying that it was intended to influence market perception and artificially influence prices.
Analysts Share Outlook for Bitcoin and Ethereum Prices Post-Pump
As the crypto market showed renewed strength and BTC recovered above $90,000, crypto expert Michael van de Poppe called on emphasize the importance of the rebound. He noted that the recent drop in the price of Bitcoin the start of the month seemed unusual but was followed by a strong rebound. According to analyst, breaking above $92,000 will be critical for Bitcoin and could pave the way for a new absolute record and a potential $100,000 test.
On the other hand, a market analyst identified as “More Crypto Online” on declared that Ethereum is currently testing the micro-support zone between $2,907 and $2,974. He noted that maintaining this support zone is crucial to maintaining the bullish momentum started earlier this week.
As a result, the analyst predicted that Ethereum’s Next Bullish Window is between $3,165 and $3,210. He warned that a break below the lower support level could trigger a deeper correction wave. However, current trends suggest that ETH is primarily aiming higher.
Featured image created with Dall.E, chart from Tradingview.com
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